UK gilt yields broadly hold their gains; Bank of England raises rates for the first time since 2023.

In late European trading on Thursday, the UK 10-year government bond yield rose 0.2 basis points to 5.132%, trading around 5.104% before the Bank of England announced its rate hike. The 2-year UK gilt yield rose 0.6 basis points to 4.748%, fluctuating at low levels before the Bank of England announced the rate hike at 20:00 Beijing timeholding steady around 4.72%, then pulling up sharply in the short term, refreshing the daily high to 4.801% at the US market open, and then fluctuating downward. The 30-year UK gilt yield rose 1.3 basis points, and the 50-year UK gilt yield rose 0.5 basis points. The 2/10-year UK gilt yield spread fell 0.412 basis points to +38.303 basis points, overall showing a V-shaped trajectory, refreshing the daily low to +35.558 basis points at 20:48.