US long-term borrowing costs hit 25-year high; weakening of UK’s EV sales targets criticised – as it happened

Rolling coverage of the latest and economic news, as US sells 30-year bonds at highest borrowing costs since 2001 Andy Burnham looks to cut new EV sales targets Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The fiscal pressures on the US government have risen after it paid the highest borrowing costs to sell long-term bonds in a quarter of a century. An auction of 30-year US Treasury bonds last night showed that investors are demanding a heavy premium to take on long-duration US debt, amid concerns over the risk from inflation and the country’s rising national debt. The sale of $25bn of 30-year bonds on Thursday incurred a yield, or interest rate, of 5.216%, the most since 2001. Bond yields rise when prices fall, so last night’s auction suggests investors are worried that inflation will remain high for some time, prompting policymakers to keep interest rates high for some time. That will concern the Treasury Department, as they need to fund a growing deficit due to Donald Trump’s spending plans and tax cuts (plus the refunds on the president’s tariffs). Michal Stanczyk, portfolio manager for the global fixed inco