UK 10-Year Gilt Yield Hits 5.480%, Highest Since 2007; 30-Year at 1998 High

The striking feature is the shape of the move: two-year yields rose roughly twice as much as the long end, flattening the 2s/10s spread, which points to repricing of near-term rate expectations rather than a pure term-premium story. That distinction matters for UK borrowers and for anyone holding duration, since a front-end-led selloff transmits faster into mortgage and corporate funding costs than a long-end one. Whether the 10-year tests its 2007 peak, and whether the flattening persists, is the open question.