⚖️🇬🇧🇩🇪U.K.-Germany Bond Spread Pares Back Declines After BoE

• U.K. - GERMANY 5-year yield spread fell to the tightest since 2013 heading into the Bank of England rate decision. The differential has given back most of the decline as the BoE lifted the Bank Rate by 25bps, as expected, the spread is still down by 11bps on the month

• The move in gilts came after money markers lifted rate hike bets from the BoE, now price a 3% Bank Rate by end of the year