With 2024 rate cut euphoria filling the pre-Christmas air, 10-year U.S. Treasury yields fell to their lowest since July at 3.8830% early on Wednesday – spurred in large part by a surge in British markets on a surprisingly sharp drop in UK inflation last month. Ten-year gilt yields plumbed their lowest since April at 3.51% and the FTSE100 jumped 1% on news annual UK consumer price inflation dropped to 3.9% from October's 4.6% – below all forecasts and the Bank of England's expectation that CPI would be only just below 4.5% at the end of the year. Knocking sterling back in the process, UK money markets shifted to price the first BoE rate cut as soon as March and two quarter-point cuts by midyear.
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