Traders' confidence in the pound has taken its biggest dive this week since the 2022 UK budget crisis, according to the options market, as a global bond selloff added to growing unease over Britain's finances and sent bond yields to 16-year highs. The options market shows traders are positioned more bearishly against the pound than at any time since early 2023, as the market was emerging from the wild swings unleashed by then-Prime Minister Liz Truss' mini-budget in September 2022. This week, 10-year gilt yields have risen by a quarter point to a high of 4.925%, the most since 2008, echoing a sell-off in U.S. Treasuries that has rippled through global bond markets, punishing UK debt harder than most.