UK Bond Selloff Sends 10-Year Yield Back to 5% Ahead of BOE Meet

The UK’s government bonds are sliding on pressure from surging oil prices and political risks, sending the 10-year yield back above 5% for the first time in a month.

The 10-year rate, a proxy for the country’s borrowing costs, has now risen in six of the past seven trading sessions, climbing nearly 30 basis points in under two weeks. The 30-year yield is also surging, touching its highest level since September — and not far off the most since 1998.