U.K. Benchmark Yields Fall to All-Time Low on Bets of BOE Easing

U.K. government bonds rallied, sending the benchmark 10-year yield to a record low, after the Federal Reserve’s interest rate cut fueled bets the Bank of England will follow.

The yield declined five basis points to 0.338%, extending the bonds’ advance to an 12th day, the longest streak on record. Money markets were already pricing a full rate cut by the BOE this month when the Fed startled investors with its emergency action.