债市波动有所缓和 英镑企稳但前景仍不明朗

Group 1 - The British pound has experienced significant volatility this week due to concerns over the UK's fiscal situation and government control, leading to fluctuations in exchange rates [1] - As of the report, the pound is trading at 1.3434 against the dollar, marking three consecutive weeks of decline, while the euro is stable at 86.67 pence [1] - The yield on UK 30-year government bonds surged to its highest level since 1998, influenced by a global sell-off of long-term bonds [1] Group 2 - The rise in government bond yields typically supports the local currency; however, in this case, the increase is driven by inflation concerns rather than optimism about long-term economic growth, putting pressure on the pound [1] - The Bank of England's Governor Andrew Bailey indicated uncertainty regarding the pace of future interest rate cuts, following a reduction in August [1] - Market expectations for a rate cut in November have dropped significantly from 67% to 18%, suggesting that UK bond yields may remain elevated compared to other major economies [2] Group 3 - The UK currently has the highest borrowing costs among G7 economies, with a 10-year government bond yield of 4.74%, compared to 4.2% in the US and 1.6% in Japan [2] - UK Chancellor Rachel Reeves is under pressure to maintain fiscal stability and has committed to strict spending controls ahead of the autumn budget announcement on November 26 [2]