HAMISH MCRAE: Share prices may grab the headlines but bond yields are arguably more important
Long-term interest rates are on the up.
They are rising here in the UK for obvious reasons, with the yield on ten-year gilts at 1.2 per cent, the highest since the Brexit referendum. But they are also rising in the US and the eurozone.
It is always impossible to see great turning points in markets at the moment they happen – the Footsie reaching 6950 on 30 December 30, 1999, the Brent oil price below $28 on January 20 this year – but a few months on, those turning points come into focus.
And so it may be with long-term bond yields. It is plausible that we won't see ten-year gilts yielding... read more
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