Global bond market jitters push UK 30-year yield to 6%
Global bond markets are pretty shaky right now, mostly because people are worried about the US piling up debt.
That's pushed UK long-term borrowing costs way up: 30-year bond yields just hit 6%, something we haven't seen since the late 1990s.
High oil prices are making inflation fears worse, so investors think more interest rate hikes could be coming.
UK Chancellor John Healey pressured
These rising borrowing costs aren't just numbers: they're putting extra pressure on UK Chancellor John Healey as he prepares for the budget.
The stress has spilled over to stock markets too: London's market dropped 1.7%, and Germany's Dax and France's CAC 40 both slipped by 1.1%.
Meanwhile, US bonds are also at multi-decade highs, with Japan's 10-year yield rising toward the 30-year high set last month, and experts like Mohit Kumar warning that inflation and government debt are keeping everyone on edge.