U.K. bond yields hit 18-year high as Bitcoin holds above $76K

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Former U.K. Prime Minister Liz Truss warned on Sept. 2 that rising government debt and borrowing costs could eventually force Britain to introduce emergency spending cuts. Summary U.K. 10-year ...

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The 30-year gilt yield remained near 5.9%, around its highest point since 1998.The U.K. Treasury does not immediately refinance its entire debt stock when yields increase. The effect passes through gradually as bonds mature and new debt is issued. Inflation linked government bonds can create additional pressure because their payments rise with inflati","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"03439":"嘉实比特币","CSRE":"Cohen & Steers Real Estate Active ETF","DIVZ":"TrueShares Low Volatility Equity Income ETF","03042":"华夏比特币","VGMS":"Vanguard Multi-Sector Income Bond ETF","AFIF":"Anfield Universal Fixed Income Etf","GTOC":"Invesco Core Fixed Income ETF","09042":"华夏比特币-U","DTH":"WisdomTree DEFA Equity Income","AFIX":"Allspring Broad Market Core Bond Etf","03008":"博时比特币","09439":"嘉实比特币-U","JPIE":"JPMorgan Income ETF","WSDB":"Weitz Short Duration Bond ETF","IGCB":"TCW Corporate Bond ETF","BKFI":"BNY Mellon Active Core Bond ETF","BLTD":"Bluemonte Long Term Bond ETF","SIO":"Touchstone Strategic Income Opportunities ETF","STOT":"State Street DoubleLine Short Duration Total Return Tactical ETF","IBDT":"iShares iBonds Dec 2028 Term Corporate ETF","MILK":"Pacer US Cash Cows Bond ETF","FARX":"Frontier Asset Absolute Return ETF","BTC.AU":"Btc Health Ltd","BTC":"Grayscale Bitcoin Mini Trust","EQRR":"ProShares Equities for Rising Rates ETF","DFGX":"Dimensional Global ex US Core Fixed Income ETF","09008":"博时比特币-U","AMAX":"RH HEDGED MULTI-ASSET INCOME ETF","JIII":"Janus Henderson Income ETF","YFYA":"Yields for You Strategy A ETF","STXT":"STRIVE TOTAL RETURN BOND ETF","IBIT":"比特币ETF-iShares","BNDW":"Vanguard Total World Bond ETF","ILTB":"iShares Core Long-Term US Bond","RJVI":"RJ Eagle Vertical Income ETF","OOQB":"One+One Bitcoin and Ether ETF","IUSB":"iShares Core Total USD Bond Market ETF","BTYB":"VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF","IQRA":"NYLI CBRE Real Assets ETF","DWFI":"SPDR Dorsey Wright Fixed Income Allocation ETF"},"translate_title":"比特币持有超过 7.6 万美元，英国债券收益率创 18 年来新高","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AFIF":1.5,"US30Y.BOND":0.9,"03042":0.75,"BNDW":1.5,"BTC.AU":1,"CSRE":1.5,"ILTB":1.5,"STOT":1.5,"SIO":1.5,"STXT":1.5,"DTH":1.5,"IQRA":1.5,"US10Y.BOND":0.9,"BLTD":1.5,"09439":1.5,"JPIE":1.5,"FARX":1.5,"09008":1.5,"IBDT":1.5,"AFIX":1.5,"US12M.BOND":0.9,"BTC":1,"AMAX":1.5,"US5Y.BOND":0.9,"RJVI":1.5,"BKFI":1.5,"OOQB":1.5,"IGCB":1.5,"03439":0.75,"US6M.BOND":0.9,"JIII":1.5,"DWFI":1.5,"US7Y.BOND":0.9,"EQRR":1.5,"YFYA":1.5,"BTYB":1.5,"US2Y.BOND":0.9,"GTOC":1.5,"IUSB":1.5,"US3Y.BOND":0.9,"IBIT":1.5,"03008":0.75,"DIVZ":1.5,"MILK":1.5,"VGMS":1.5,"WSDB":1.5,"DFGX":1.5,"09042":1.5},"content_text":"Former U.K. Prime Minister Liz Truss warned on Sept. 2 that rising government debt and borrowing costs could eventually force Britain to introduce emergency spending cuts.\n\n\nSummary\n\n\n\nU.K. 10-year gilt yield reached 5.268%, its highest level in approximately eighteen years on Wednesday.\nThirty-year borrowing costs remained near 5.9%, increasing pressure on Britain’s upcoming October budget calculations further.\nLiz Truss warned that rising debt could eventually force emergency spending cuts across Britain’s government.\nHigher yields reduce bond prices and can increase projected debt servicing costs for Britain’s Treasury.\nBitcoin traded near $76,500 after retreating from $81,000, remaining above levels recorded before Treasury intervention.\n\n\n\nHer comments came as the yield on the benchmark 10-year U.K. government bond reached 5.268%, its highest level in approximately 18 years. The 30-year gilt yield remained near 5.9%, around its highest point since 1998.\n“Global bond yields are spiking due to mountains of debt and the U.K. is one of the worst examples,” Truss said. She attributed the pressure partly to money creation by the Bank of England and what she described as currency “debasement.”\nThose statements represent Truss’s interpretation of the market. Bond yields reflect several factors, including inflation expectations, economic growth, government borrowing, monetary policy and investor demand. The latest increase has also coincided with rising oil prices and a broader international bond selloff.\nUK bond yields raise October budget pressure\nThe increase in U.K. bond yields matters because it raises the rate at which the government may need to refinance maturing debt or issue new bonds. It can also increase projected interest costs used in official fiscal forecasts.\nBond prices move in the opposite direction to yields. When investors sell existing bonds, their prices fall and their effective yields rise relative to the bonds’ fixed payments.\nThe U.K. Treasury does not immediately refinance its entire debt stock when yields increase. The effect passes through gradually as bonds mature and new debt is issued. Inflation linked government bonds can create additional pressure because their payments rise with inflation.\nThe 10-year gilt yield stood at 5.268% on Wednesday, while five-year borrowing costs reached approximately 4.75%. The 30-year yield remained close to 5.9%.\nEconomists at Pantheon Macroeconomics estimated that higher borrowing costs could reduce the government’s fiscal headroom from about £23.6 billion at the previous Spring Statement to approximately £13 billion. That is an external estimate rather than an official Treasury or Office for Budget Responsibility calculation.\nThe government is due to present its budget on Oct. 28. Updated forecasts will determine whether ministers need to raise taxes, reduce planned spending or change other policies to meet their fiscal rules.\nEmergency spending cuts remain a Truss forecast\nTruss said economic growth combined with restrained spending offered the best route through the debt problem. However, she warned that “the situation has gone too far” and Britain could face “imposed emergency spending cuts.”\nNo emergency spending package has been announced. The current government has not confirmed that it will adopt the course described by Truss.\nThe final fiscal position will depend partly on the period used by the Office for Budget Responsibility to calculate market based interest assumptions. Yields could rise or retreat before those calculations are completed.\nTruss’s intervention also carries political context. Her government introduced approximately £45 billion of largely unfunded tax cuts in September 2022 without an accompanying OBR forecast.\nThe announcement caused a rapid selloff in long dated gilts and instability among pension funds using liability driven investment strategies. The Bank of England responded with temporary bond purchases to restore orderly market conditions.\nThe 30-year gilt yield rose from about 3.38% when Truss became prime minister to almost 5% during the market turmoil. Most of the tax measures were later reversed, and Truss resigned after 49 days in office.\nCurrent yields are higher than the peaks recorded during that episode. However, the present move is part of a global repricing rather than a direct response to a single U.K. policy announcement.\nGlobal bond selloff reaches the U.S. and Europe\nGovernment borrowing costs have also increased across the U.S., Japan, Germany and France. The benchmark 10-year U.S. Treasury yield reached approximately 4.81%, its highest level since November 2023.\nLonger dated U.S. yields have returned toward levels recorded before the Treasury expanded its bond buyback program in August. The 10-year yield initially fell to approximately 4.62% after the announcement but later reversed that decline.\nRising oil prices have added to inflation concerns. Brent crude briefly approached $95 per barrel as fighting between the U.S. and Iran threatened energy supplies.\nHigher energy costs can keep consumer inflation elevated, potentially limiting central banks’ ability to reduce interest rates. Expectations that rates will remain high for longer can reduce demand for existing bonds carrying lower fixed payments.\nThe global nature of the selloff makes it difficult to attribute the U.K. move solely to domestic debt or Bank of England policy. Britain’s inflation exposure, large refinancing needs and fiscal rules may still make its public finances particularly sensitive to sustained increases in yields.\nBitcoin retreats as yields pressure risk assets\nBitcoin traded near $76,500 on Sept. 2, down about 2% over 24 hours. It had previously climbed from approximately $64,000 to a recent high above $81,000 before losing momentum.\nBitcoin (BTC) price chart, source: crypto.news\nGold followed a similar reversal. The metal climbed toward $4,700 per ounce but later retreated to approximately $4,300.\nBitcoin and gold are sometimes presented as protection against currency depreciation or excessive government borrowing. Their recent declines show that the relationship is not consistent over short periods.\nHigher government bond yields can make interest paying assets more attractive relative to Bitcoin and gold, which do not produce fixed income. They can also reduce demand for riskier assets by tightening financial conditions.\nAs previously reported, rising oil prices and higher bond yields outweighed Bitcoin ETF inflows as BTC fell below $77,500. Bitcoin nevertheless remained above its main daily moving averages following its August rally.\nThe U.K.’s next confirmed milestone is the Oct. 28 budget. Until the government and OBR publish updated forecasts, claims that emergency spending cuts are unavoidable remain unconfirmed.\n\n\n  \n\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        \n\n\n\n\n\n\n                Read more:\n            \n\n                Base launches Creator Grant Program with up to $4,000 for creators","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}