The pound is breaking the time-honored tradition that higher interest rates will mean a stronger currency, as growth and inflation fears take their toll. U.K. two-year yields climbed this week to the highest since the start of the pandemic, buoyed by traders’ ramped-up expectations for Bank of England rate hikes in 2022. Yet the pound fell to a year-to-date low and suffered the most volatility since March -- a sign that soaring energy prices, falling business confidence and the end of the government’s furlough scheme outweigh any boost from a hawkish monetary policy outlook. It’s enough for Nomura International Plc ... (full story)