The yield on UK two-year government bonds falls by more than 2 basis points as investors' expectations for central bank rate hikes cool.

The yield on the 2-year UK government bond fell by 2.6 basis points to 4.126%, opening higher but trending lower throughout the day. The yield on the 30-year UK government bond rose by 1.4 basis points to 5.487%, remaining in an upward trend for the entire day; the yield on the 50-year UK government bond increased by 1.3 basis points to 5.092%. The yield spread between the 2-year and 10-year UK government bonds widened by 2.632 basis points to +62.968 basis points, surging significantly at the open and then trading in a narrow range at high levels for most of the session.