UK Bonds Sold at Negative Yield For First Time Ever

The UK just sold bonds at negative yield for the first time ever (July 2023 at -0.003%).

— Frederik Ducrozet (@fwred) May 20, 2020

This hot on the heels of Rishi Sunak's warning that we will see a recession like never before, and inflation falling to 0.8% (the lowest level for over three years).

What does this mean?

It gives the government a way out from cutting spending and raising taxes (in order to cover the Covid bill) by allowing debt to rise.

Negative yields occur when measuring yield to maturity, where the combination of interest and maturing value are less than the price paid.

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