British and European government bonds were further sold off on Wednesday, leading the short-term decline. Higher oil and gas prices put pressure on the bond market. UK 10-year Treasury yields rose 5 basis points to 5.23%; German 10-year Treasury yields once rose 5 basis points to 3.42%. Traders have increased their bets on interest rate hikes by the Bank of England and the European Central Bank. Currently, the Bank of England's cumulative interest rate hike is 36 basis points and the ECB's cumulative interest rate hike of 51 basis points before the end of the year. The market has now fully taken into account the Bank of England's cumulative interest rate hike of 50 basis points until February next year.

British and European government bonds were further sold off on Wednesday, leading the short-term decline. Higher oil and gas prices put pressure on the bond market. UK 10-year Treasury yields rose 5 basis points to 5.23%; German 10-year Treasury yields once rose 5 basis points to 3.42%. Traders have increased their bets on interest rate hikes by the Bank of England and the European Central Bank. Currently, the Bank of England's cumulative interest rate hike is 36 basis points and the ECB's cumulative interest rate hike of 51 basis points before the end of the year. The market has now fully taken into account the Bank of England's cumulative interest rate hike of 50 basis points until February next year.