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Short-End UK Yields At 2-Month High As BoE Hike Bets Edge Higher

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UK 2Y yields this afternoon briefly ticked to the highest levels since Jun 22 - 2.186% high today, last 2.175% (up 9bp in the last 3 hours, 14bp on the day).

  • Some citing strong wage pressures in today's data potentially increasing BoE 50bp hike risks for September but not much of a move in Sep 2022 implied futures expectations.
  • More of the move is further out (cumulative hikes today +14bp to Feb 2023 for a total ~160bp of further tightening between now and then).

2Y UK Generic Yield %Source: BBG

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UK 2Y yields this afternoon briefly ticked to the highest levels since Jun 22 - 2.186% high today, last 2.175% (up 9bp in the last 3 hours, 14bp on the day).

  • Some citing strong wage pressures in today's data potentially increasing BoE 50bp hike risks for September but not much of a move in Sep 2022 implied futures expectations.
  • More of the move is further out (cumulative hikes today +14bp to Feb 2023 for a total ~160bp of further tightening between now and then).

2Y UK Generic Yield %Source: BBG