U.K. bond yields hit 18-year high as Bitcoin holds above $76K

Former U.K. Prime Minister Liz Truss warned on Sept. 2 that rising government debt and borrowing costs could eventually force Britain to introduce emergency spending cuts. Summary U.K. 10-year gilt yield reached 5.268%, its highest level in approximately eighteen years on Wednesday. Thirty-year borrowing costs remained near 5.9%, increasing pressure on Britain’s upcoming October budget calculations further. Liz Truss warned that rising debt could eventually force emergency spending cuts across Britain’s government. Higher yields reduce bond prices and can increase projected debt servicing costs for Britain’s Treasury. Bitcoin traded near $76,500 after retreating from $81,000, remaining above levels recorded before Treasury intervention. Her comments came as the yield on the benchmark 10-year U.K. government bond reached 5.268%, its highest level in approximately 18 years. The 30-year gilt yield remained near 5.9%, around its highest point since 1998. “Global bond yields are spiking due to mountains of debt and the U.K. is one of the worst examples,” Truss said. She attributed the pressure partly to money creation by the Bank of England and what she described as currency “debasement...