UK gilt market volatility and US tariffs – what can we learn?

During the on/off tariff announcements in early April, the UK gilt market experienced major volatility with yields rising to their highest level in 30 years before falling back again. Much of this can be attributed to anticipation that the Bank of England (BoE) would cut rates faster than expected in response to tariffs. But the speed of the dislocation suggests this may only be part of the story.
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