"UK bond yields reach recent high, market significantly increases expectations of Bank of England interest rate hike"

The British government bond market faced selling pressure, leading to a further widening of the decline. Traders significantly increased their bets on the Bank of England raising interest rates, pushing the UK 10-year government bond yield to its highest level this week. Data showed that the UK 10-year government bond yield rose 6 basis points on the day to 5.01%. For comparison, the German 10-year government bond yield rose 2 basis points to 3.14% during the same period.