Bond yields tumble ahead of new chancellor’s budget statement

U.K. bond yields tumbled on Monday ahead of a planned statement from new Chancellor of the Exchequer Jeremy Hunt laying out budget plans ahead of the Oct. 31 medium-term plan. The yield on the 30-year gilt TMBMKGB-30Y, 4.473% fell 36 basis points to 4.49%, while the pound GBPUSD, +0.58% rose to $1.1257. Hunt also gave a series of interviews over the weekend and is expected to eliminate most of other tax cuts laid out in the mini budget.