A deepening retreat from government bonds pushed US 10-year borrowing costs to a 24-year peak on Thursday. In Britain, the yield on 30-year government debt briefly exceeded 6%, a level last reached in 1998, amid investor concerns about the sustainability of the US deficit.
Elevated oil prices also fuelled anxiety among investors in the United States and Europe about another acceleration in inflation. Central banks are expected to increase interest rates over the coming months to keep price pressures from taking hold. More details are expected as the story develops.
