Government bonds in Europe and the U.S. rallied Wednesday after an announcement by the Bank of England that it would buy longer-term U.K. bonds served to ease investors’ concerns about the potential for a spiraling crisis in the global debt markets.
The sharp move added to a wild run of trading sessions and came just after the 10-year U.S. Treasury note had climbed above 4% for the first time in more than a decade—a somewhat stunning milestone that was quickly swept away by the day’s events.
