How is that this UK corporate bond index has gone down during the last month, if the UK interest rates are historically low?

Question

The Bloomberg Barclays GBP Non-Government Float Adjusted Bond has fallen down dramatically during February 2021.
However, the UK interest rates are historically low (font: when will interest rates rise.
As far as I understand, bonds rise in price if interest rates fall, because the yesterday's bond is better than the today's one. Then, shouldn't bond indexes keep going up until the BOE rises interest rates again?

Philip · Accepted Answer

The base rate is a specific rate the bank of England sets that heavily impacts banks and consumer debt, but sits independently from longer dated UK bonds, and even further removed from non government longer dated bonds.
The overall yield curve (which is what matters to a fund full of bonds of various dates and quality), moves a lot even for UK gilts as the market tries to predict future valuations, eg:

How is that this UK corporate bond index has gone down during the last month, if the UK interest rates are historically low?

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