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UK Market Monitor Q2 2024

We saw an upward move in both nominal and real gilt yields over the quarter. The nominal curve increased by an average of 26 basis points (bps), while the real curve increased by 31 bps.

Inflation continues to fall toward the BoE target, following the trend of the previous quarters. YoY RPI rate at the end of May was 3%, while the CPI rate 2%. Interest rate cut expectations are continuing to be pushed back as they have been all year but are forecasted now to be August/ September 2024.

Across the quarter, non-financials corporate credit spreads hovered around 95bps, 135 bps and 170bps for AA, A and BBB rated securities, respectively. During the quarter we saw higher volatility in credit spreads compared to recent quarters.

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UK Market Monitor Q4 2024

Nominal and real gilt yields have substantially increased over Q4 2024. The nominal curve has increased by an average of c50bps, and the real curve by an average c44bps.

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