Why did two year gilt yields rise to 5% for the first time since 2008, and what factors contributed?

Two-year gilt yields rose to 5% for the first time since 2008 due to increased expectations for higher UK interest rates. Economists polled by Reuters predicted that UK core inflation, which excludes volatile food and energy prices, would remain elevated at an annual price growth of 6.8% in May.

This expectation of continued high inflation has led investors to raise their bets on the Bank of England's Monetary Policy Committee (MPC) taking measures to address the inflationary pressures. As a result, they have pushed up yields on two-year gilts, reflecting the anticipated changes in interest rates.

Concurrently, sterling experienced a 0.12% decrease against the dollar, reaching $1.2802. These developments indicate the market's reaction to the anticipation of possible interest rate adjustments by the Bank of England.

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