British government bond prices rose sharply on reports that Prime Minister Truss will reverse parts of her economic plan on Friday and, according to The Times, will sack her finance minister Kwasi Kwarteng.
Yields on gilts dated longer than two years dropped by more than 20 basis points, falling to their lowest levels in over a week as investors saw the reports as positive for British assets which have been hit by concerns about Truss's plans for sweeping, unfunded tax cuts.Register now for FREE unlimited access to Reuters.
Benchmark 10-year gilt yields were down 25 bps on the day at 3.95% and 30-year yields - hardest hit by the sell-off since Kwarteng's "mini-budget" - were 28 bps lower at 4.26%, having earlier touched their lowest since Oct. 6. Yields for index-linked gilts also fell sharply. Friday is the last scheduled day for the BoE's temporary purchases of government bonds. They have gathered pace as investors offered more bonds to the central bank with the scheme nearing its end.
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