Rates
Gilts lag — UK the only G7 ten-year above 4.50%
UK ten-year yields hold above 4.50%, an outlier in the G7.
Gilts continued to lag their peers, leaving the UK ten-year as the only G7 benchmark trading above 4.50%. The gap reflects a mix of supply pressure and a stickier inflation read than the rest of the bloc.
For now, the relative cheapness has not been enough to draw a decisive bid. The market wants to see the next inflation print before committing.