David Milliken@david_milliken
Sep 23, 2022
4 tweets
Hard to capture the scale of the sell-off in UK bond markets since Kwasi Kwarteng's statement.
Five-year gilt yields have risen almost half a percentage point to a peak of 4.047% - the biggest one-day rise since at least 1991, by my calculations.
New borrowing now far costlier.
Sadly almost a daily event now, but sterling has hit a new low against the U.S. dollar below $1.11 - its weakest since March 1985.
Versus the euro, sterling is down heavily on the day at just above €1.13, the lowest since February 2021.
Do check out more of Reuters' reporting on Kwarteng's statement and the reaction here twitter.com/david_milliken…
David Milliken@david_milliken
Sep 23 22
View on Twitter
Britain bets all on historic tax cuts and borrowing, investors take fright - by @Andy Bruce and me
reuters.com/markets/europe…
Regret to update that sterling is now below $1.09 - again, a level last seen in 1985.
Five-year UK bond yields (which move the opposite way to prices) jumped 50 basis points to 4.06%, representing the biggest sell-off since 1991. On a normal day they'd move less than 5... 
David Milliken
@david_milliken
Reuters economics reporter covering the Bank of England, HM Treasury, bond markets and housing. Once upon a time in 🇩🇪 and 🇧🇪. DMs open. RTs ≠ my view.
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