[MARKET ANALYSIS] Fixed benchmarks are mixed with USTs tentative into the Fed; Gilts benefit post-CPI

The Gilts outperformance fits the standard pattern for a core and services print that comes in unchanged against a hiked pricing tail, where the transmission runs through short-sterling futures and the two-year, not the long end. The UST side illustrates the recurring pre-FOMC dynamic at cycle peaks: with the policy move itself fully priced, the entire distribution of outcomes sits in the statement language and projections, and tenors pinned near multi-decade yield highs tend to rally on anything read as confirmation rather than escalation. The split worth watching is whether hawkish framing steepens or flattens the curve, since in late-cycle episodes of this kind hawkishness has more often been expressed through the front end and terminal pricing than through the long bond. Follow-ons are the FOMC language and dot revisions first, then the MPC vote split, where the margin between hold and hike dissenters has historically been the cleaner signal of the next move than the decision itself.