TREE NEWS reports: UK two-year gilt yields fell 7.1 basis points to 4.839% on Friday, September 25, after a gap lower and choppy trade that briefly approached 4.9%. The 10-year yield slipped 1.5bps to 5.366%, retreating late in the session in line with lower international oil prices, and held near the September 14 high of 5.434%. The 10-year rose 7.1bps over the week, while the 2s/10s spread widened 5.459bps to +52.526bps.
UK 2-Year Gilt Yield Falls Over 7bps Friday; 10-Year at 5.366%
AI take
The move is a curve story, not a level story: the front end rallied hard while the long end barely budged, steepening the 2s/10s spread. That divergence suggests the short end is repricing something more immediate than growth or supply, which the long end is still absorbing — the 10-year's weekly rise and its hold near the recent high underline that. The open question is whether the short end keeps leading, or whether the long end's oil-linked retreat late Friday marks the start of a broader pullback.
Generated by AI for reference only.
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