The pound rallied and U.K. bonds surged as more of Prime Minister Liz Truss’s unfunded tax cuts were reversed. Stocks rose, with investors preparing for a number of key earnings reports this week.
The yield on 10-year gilts fell 36 basis points to 3.97 per cent and the pound traded 1.1 per cent higher at US$1.1293. Treasury yields and the dollar eased against its Group-of-10 counterparts, providing a touch of respite to harried currency markets. Meanwhile, the outlook for consumer prices in the U.S. continues to fuel bets that the Federal Reserve may make jumbo rate hikes at its next two meetings, weighing broadly on the outlook for global economic growth and markets.
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