由于全球债券市场对美国贸易政策的突然转变做出反应，英国10年期国债收益率在前一交易日上涨17.8个基点后降至4.657%。特朗普总统暂停对大多数国家征收新关税90天，但将中国的关税上调至125%，在保持不确定性的同时平息了对全面贸易战的担忧。随着风险情绪的稳定，交易员下调了对英格兰银行降息的预期，目前预计到年底将降息三次，这与英格兰银行早些时候关于逐步季度宽松的指导一致。5月份降息的可能性仍然很高，8月和11月的价格是下一个可能的步骤。与此同时，英国2月份的国内生产总值预计将增长0.1%，暗示在早些时候疲软之后将出现温和复苏。

The UK 10-year gilt yield dropped to 4.657%, after a 17.8 bps jump in the previous session, as global bond markets reacted to sudden shifts in US trade policy. President Trump paused new tariffs for 90 days on most countries but hiked China’s rate to 125%, calming fears of a full-scale trade war while keeping uncertainty elevated. As risk sentiment steadied, traders dialed back expectations for Bank of England rate cuts, now pricing in three cuts by year-end — aligning with earlier BoE guidance for gradual, quarterly easing. A May rate cut is still seen as highly likely, with August and November priced as the next probable steps. Meanwhile, UK GDP is expected to have risen 0.1% in February, hinting at a modest recovery after earlier weakness.