Market bets are shifting: The UK interest rate path is being repriced, with market expectations for the Bank of England's future policy significantly upwardly adjusted, now beginning to incorporate approximately 62 basis points of rate hikes this year. This means funds are re-evaluating the balance between inflation and the interest rate path, leading to a re-pricing of policy expectations. When rate hikes change from "whether they will happen" to "how much they will happen," the market's pricing logic has already changed. Most people focus on the outcome, while a minority focus on how expectations are being gradually driven higher.