UK 10-Year Gilt Yield Falls 1.2bp to 5.410% in Late London Trade

The split between the front end and the long end is the real signal here: 2s and 10s eased while 30s and 50s sold off, steepening the curve rather than repricing it uniformly. That pattern points to duration and supply concerns at the long end rather than a broad shift in rate expectations, and it leaves the 2s/10s spread marginally wider. Whether the long-end underperformance persists into the next session, or was simply late-session positioning, is the open question worth watching.