The facts changed and the Bank changed its mind. No shame in that. And it has not committed to any particular course of action from here. But all the same, the scale of the hit to gilts was just enormous. On Thursday, the two-year yield added 0.3 percentage points (!). Lots of countries’ bond markets are shifting, but no one does it quite like the Brits. German Bunds and US Treasuries added about half of the UK’s extra slug of yield that day. On Friday, it got worse, somehow; gilts added another 0.2 percentage points or so. A contact of mine texted me Friday afternoon with one word: “HELP”.