What is happening: A global bond sell-off has pushed UK and US long-term borrowing costs to multi-decade highs, with the 30-year gilt yield hitting 6% for the first time since 1998. Oil-driven inflation, central banks turning back to rate rises and worries about government borrowing are behind it, while fiscal nerves ahead of Chancellor John Healey's 28 October Budget have left gilts among the weakest markets. [...]