UK 2-year gilt yields, sensitive to monetary policy, fall a few basis points ahead of the Bank of England decision.

But the relatively weak moves contrast with stocks of late, as expectations of faster growth and higher inflationary pressures in the U.S. after Donald Trump’s election victory forced yields up quickly in developed economies.

The 2-year yield hit 4.50% on Wednesday, its highest in five months, despite lower UK inflation and an expected rate cut by the BoE.

“It would be an understatement to say that a lot has happened since the Bank of England’s last rate decision,” said Shreyas Gopal and Sanjay Raja, analysts at Deutsche Bank.

“The past few weeks have seen: a dovish signal on rates from the BoE governor, a big surprise domestic inflation disappointment, a more expansionary than expected budget and the US election on top. The net result was close to 60. the spot rise in UK 2-year bond yields since the September suspension decision.”