Tensions in the Middle East have fuelled concerns over rising inflation and fuel costs
The cost of government borrowing hit a 25-year high yesterday as yields on 30-year UK bonds rose amid tensions in the Middle East and mounting concerns about higher oil prices and inflation.or gilt rose as high as 5.16 per cent – its highest level since September 1998 – pushing past a previous peak of 5.115 per cent set earlier this month.
Ten-year US Treasury yields rose above five per cent last week for the first time since July 2007 after remarks by Jerome Powell, chair of the US Federal Reserve, which were seen as confirmation that US interest rates would stay higher for longer to help control inflation.
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