Investors push 2-year UK gilt yield to highest since late Feb

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LONDON, May 29 (Reuters) - Yields on short-term British government bonds hit their highest in more than three months on Wednesday as investors further scaled back their bets on interest rate cuts by central banks led by the U.S. Federal Reserve.

Two-year gilt yields GB2YT=RR rose to their highest since Feb 23 at 4.555%, up by around 4 basis points on the day.

Interest rate futures showed investors saw a 60% chance of a first rate cut by the Bank of England at its September meeting.

U.S. Treasury yields rose to a near four-week peak as data added to doubts about the timing and extent of Federal Reserve rate cuts.

(Writing by William Schomberg; Editing by Suban Abdulla)

((william.schomberg@thomsonreuters.com; +44 207 542 7778; Reuters Messaging: william.schomberg.reuters.com@reuters.net))

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