Global bond sell-off deepens; UK 30-year yield hits 28-year high on US deficit fears

A global bond sell-off intensified, pushing UK 30-year yields above 6% for the first time since 1998, driven by concerns over unsustainable US deficits and persistent oil-driven inflation. Investors now expect central banks to raise rates, a reversal from prior easing expectations. This signals a repricing of sovereign risk and inflation, with potential spillover to global funding costs.