The UK 10-year gilt yield climbed to 4.77%, just shy of last week’s six-month high, as soaring energy costs intensified inflation worries ahead of the Bank of England’s rate decision. A 25% jump in European gas prices, sparked by attacks on Qatar’s LNG facilities, and Brent crude at $117/barrel amplified pressure on the UK economy. While the BoE is expected to hold rates today, markets are pricing in a more hawkish outlook, with 32 basis points of tightening forecast by year-end, equivalent to over a quarter-point hike. Traders now see an over 50% chance of a June rate increase, with a full hike priced in by September. Meanwhile, UK jobs data showed slower wage growth and unemployment holding at 5.2%, both missing expectations.

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