Yields on 10-year US Treasury notes reversed sharply lower after touching the highest since October 2008 as the Bank of England (BoE) said it would carry out temporary purchases of long-dated UK bonds to help restore order to the market.
The benchmark US 10-year yield was little changed at 3.945 per cent after earlier climbing to 4.015 per cent. But Treasuries remain headed for their biggest annual loss since 1973, with a Bloomberg gauge of the debt slumping 14 per cent this year.
UK 30-year borrowing costs slumped as much as 72 basis points to 4.26 per cent, having surged to the highest since 1998 before the BoE signalled its intention.
