The move comes after UK inflation hit double-digits, rising above 10% for the first time in 40 years earlier here. It is stirring up rates pricing now as money markets are now wagering that the BOE will double interest rates by February next year.

Despite that sentiment, the pound is still rather subdued as it holds near unchanged against the euro and slightly lower against the dollar on the day. Going back to the bond market, we're seeing the jump in UK yields spill over to other markets as well with 10-year German bund yields seen up 7 bps to 1.05% while 10-year Treasury yields are up 5 bps to 2.87% on the day.