UK 2-year gilt yield hits all-time low on COVID gloom

LONDON, May 14 (Reuters) - The yield on two-year British government bonds briefly slipped to a new all-time low on Thursday as investors around the world worried increasingly about how long the coronavirus pandemic was likely to hammer the global economy.

The two-year gilt yield fell about 1 basis point to -0.051%, before rising to -0.034% at 0715 GMT, which represented no change on the day.

U.S. Federal Reserve Chair Jerome Powell dashed hopes for a quick economic recovery on Wednesday. A few hours later Bank of England Governor Andrew Bailey said it was “pretty clear” that investors expected the BoE to ramp up its bond purchases again. (Writing by William Schomberg; Editing by Alison Williams)