Bitter taste: DC default savers left nursing heavy losses

It is purely by coincidence that long-dated bond yields were spiking again, just as Liz Truss stood up to speak at the Conservative Party conference. While she implored her audience to help Make Britain Grow Again, the yield on the 30-year gilt was climbing to its highest level since the Mini Budget last year. This is a fairly esoteric instrument, the lofty preserve of insurance company actuaries and pension fund managers, and it won't make too many headlines. That's especially the case because the ascent of long-dated bond yields has been gradual this time around, allowing the market...