The sudden swing to hawkishness, which emerged in speeches delivered since the January meeting, helped push the domestic yield curve up and bond prices down as markets started to price in higher rates in the future.
Normally falling bond yields lead to rising equity prices as investors place a higher value on future earnings, but this effect has been conspicuous by its absence in the current bear market.
Lloyds Banking Group's focus returns this week to the topic of its future management as the bank takes a series of steps to boost its financial health, including its successful bond exchange.