The release of new data from the ONS caused a significant drop in UK government bond yields as traders adjusted their expectations for future interest rate increases. Prior to the release, financial markets were anticipating a final UK Bank Rate of over 6%, but these expectations decreased to around 5.75% during the morning, resulting in a sharp decline in UK 2-year Gilt yields, which are sensitive to interest rates. Given the projected decrease in inflation in July, thanks to a lower Ofgem Energy Price Cap, it is possible that the UK has already experienced its highest interest rates.
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