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By Staff Reporters
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- US stocks closed lower as markets dim view of the UK’s new budget plan weighed on markets.
- US bond yields soared with the 10-year up as much as 21 basis points.
- The British pound declined to a record low against the dollar at one point early in the day.
US stocks ended lower amid turmoil stemming from the reaction to the UK’s new budget plan, which includes some of the steepest tax cuts in decades and has led to fears of worsening inflation and government budget shortfalls.
Finally, extending its losses after a historically bad day on Friday, when the tax plan was announced, the British pound currency plunged as low as $1.035 in the early hours of this morning, before recovering in the afternoon amid speculation that the Bank of England would make a statement about the currency moves, and bets that policymakers would have to raise interest rates on an emergency basis.
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CITE: https://www.r2library.com/Resource/Title/082610254
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Filed under: Alerts Sign-Up, Investing, Taxation | Tagged: tax, UK, UK Tax Plan, UPDATE: Fallout from the UK Tax Plan |
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