Bets on BOE Rate Hike Send Gilts Tumbling

The UK 10-year government bond yield broke above 4.50% for the first time since the British debt crisis in October last year, as market bets on the Bank of England‘s key interest rate rose to 6.5%, the highest level this cycle.
Elsewhere, U.S. Treasuries fell as the market digested more hawkish-than-expected comments from the Federal Reserve.