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 Q2 2026

Over the quarter, the nominal gilt yield curve shifted lower, falling by approximately 15 basis points (bps) at the short end and around 5bps at the long end.

UK Market Monitor Q1 2026

Over the quarter, the nominal gilt curve has shifted up by around 50 basis points (0.50%) on average across all maturities.

UK Market Monitor Q4 2025

Over the quarter, the nominal gilt curve has shifted down by around 25 basis points across the medium to longer maturities.

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