30-year gilts break 6% for the first time since 1998 | France, the Budget and an early election
Thirty-year gilt yields broke 6% this week for the first time since 1998. Marcus Ashworth and Michael Brown join Damian Pudner, Director of the Great British Think Tank, to work out what is driving the global bond sell-off and how far it has to run.
They cover forced sellers and the French spread, whether central banks step in, why markets still price UK rate hikes, the diesel squeeze, the 28 October Budget and its thin headroom, the risk of an early general election, and how they would position for it.
The numbers: the 30-year gilt yield rose above 6% on Thursday 1 October 2026, the first…
The skinny
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