Traders finally listened carefully to the Central Bank's speech, and bets on interest rate cuts in the United States, Europe and Britain were all downgraded

In the world's largest markets, traders have finally heeded the Central Bank's warnings and lowered their bets on sharp interest rate cuts this year. After the UK announced the first acceleration in inflation in almost a year, the market reassessed the Intrerest rate path on Wednesday. Minutes after the release of the UK data, the market lowered its expectations for four rate cuts this year from six last month. Earlier in the day, U.S. retail sales also exceeded expectations, reminding the market that inflationary pressures still linger. The news pushed U.S. Treasuries lower, and traders also downgraded their bets on the size of the Fed's rate cuts. The Central Bank and Fed have been more cautious about the prospect of monetary policy easing for several days. Jane Foley, head of FX strategy at Rabobank, said, "The UK data has provided the music for Central Bank governors to work together to curb expectations of rate cuts, and more market participants are expected to expect the UK to fall behind the eurozone and the US in rate cuts this year."