UK 2-year gilt yield rises 1bp to 4.75% after BOE decision

The paring of gains in short-dated gilts signals that the Bank's announcement landed slightly hawkish relative to positioning into the decision, since the front end is where policy expectations are priced most directly. What matters is the durability of that reaction rather than its size: a single basis point is marginal, and the open question is whether the move extends as the market digests the announcement or fades. With no detail here on the decision itself, the gilt curve's follow-through is the cleanest read on how the outcome was received.