Rishi Sunak got confirmed as leader of the Conservatives at 2 p.m. and this is what happened to bond yields:
The drop is quite dramatic. Given how much borrowing the British government needs to do this year, the drop in yields will save the govt billions of pounds. Enough to make a difficult situation a lot more bearable.
This is an auspicious start, as it's clear the markets like the new Prime Minister and are willing to help rather than hinder him.
This is what happened to the 30-year yields:
Pension funds, which had been struggling with the surge in yields following the mini-budget, will be breathing a sigh of relief.
Mortgage rates haven't yet moved lower, but that should happen in the next few weeks.
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