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Market Update: UK 10Y Bond Yield Eases on Monday
The yield on UK 10-year government bond eased towards 0.8%, after touching last week one of its highest levels since June 2019, as investors look forward to the key US PCE inflation release later this week for further guidance on monetary policy. This years global bond rout has been led by prospects of a quicker economic recovery and rising inflationary pressure. Meanwhile, the UK continued its re-opening efforts, even as Prime Minister Boris Johnson warned that the spread of the new COVID-19 variant could threaten further easing on June 21st. On the economic data front, flash PMI survey released last week suggested the UK private sector economy expanded in May by the most on record, while retail sales surged by 9.2% in April, faster than expected. Also, the country’s consumer morale improved in May to the highest level since March 2020; the UK inflation rate jumped in April to a 13-month high; and the UK labor market showed signs of recovery. [/s2If]
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