UK 10-Year Gilt Yield Falls 0.5bp to 5.439%; 30-Year Down 2.3bp

The split move — front-end yields up while the long end rallies — points to a curve story rather than a uniform duration bid, with the 2s/10s spread compressing as the short end reprices. That the 10-year touched a session low before giving back most of the move suggests the rally lacked conviction. For gilt watchers, the open question is whether the long-end bid persists or whether the front-end pressure eventually drags the whole curve higher.