UK 30-year gilt yield falls 23.5 bps in October; 10-year down 14 bps

The striking feature is the curve: long-dated gilts rallied far harder than the front end, with the 30-year falling more than ten times as much as the 2-year over October. That points to term-premium and duration demand rather than a repricing of near-term policy expectations, which barely moved. The 2-year's V-shaped path suggests rate expectations whipsawed before settling, while the long end ground steadily lower. Whether the long-end outperformance persists as the front end stabilizes is the open question, and the shape of the curve, not the headline level, is where the signal sits.