Bank of England to Intervene as Global Bond Markets Remain in Flux

The Bank of England said it will buy longer-dated bonds to stabilize the market after yields jumped over the past few days.

The yield on the 10-year U.K. government bond fell from above 4.5% to about 4.2% after the announcement, which comes in the wake of the government’s plans to increase borrowing to fund the biggest raft of tax cuts in a generation. The yield shot up from about 3.5% last Thursday.