TREE NEWS update: The UK 10-year gilt yield closed at 5.132% on Thursday, up 0.2 basis points, after the Bank of England raised interest rates for the first time since 2023. The two-year yield rose 0.6 basis points to 4.748%, having traded near 4.72% before the 20:00 Beijing time announcement, then spiking to a session high of 4.801% at the US market open before easing. The 30-year yield added 1.3 basis points.
UK 10-Year Gilt Yield Holds at 5.132% After BOE’s First Rate Hike Since 2023
AI take
The muted close in the 10-year despite a first hike since 2023 suggests the move was largely priced in, with the more telling action in the front end, where the two-year spiked at the US open before fading. That intraday reversal implies traders are already debating whether this hike is a one-off or the start of a tightening path. The steeper long end hints at lingering term-premium and fiscal concerns rather than growth optimism. Whether the front end holds its post-hike repricing is the open question.
Generated by AI for reference only.
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