UK Gilt Yields Fall Across the Curve, Long-End Leads Decline

The long end leading the rally is the detail that matters: a 5.7bp drop at 30 years against roughly 3.5bp at the front end points to duration demand or a reassessment of long-run inflation and fiscal risk rather than a simple repricing of near-term policy. The modest 2s10s steepening reinforces that the move is concentrated in term premium, which is the part of the curve most sensitive to supply and credibility concerns. Whether the long end keeps outperforming — or the curve resumes flattening — is the open question worth watching.