The yield of UK government bonds has fallen, and the market expects the central bank to cut interest rates in early 2024

According to Jin10's report, the yield of UK government bonds fell today along with the yields of US and Eurozone government bonds, as the market increasingly expects central banks around the world to start cutting interest rates in early 2024. Ipek Ozkardeskaya, a senior analyst at UBS, stated in a report: "Investors expect a significant decline in government bond yields over the next 6-12 months." Refinitiv data shows that the market expects the Bank of England to begin cutting interest rates in May next year. The yield on UK 10-year government bonds fell by 4 basis points during the day to 3.463%, while the yield on 2-year government bonds fell by 5 basis points to 3.990%.