UK gilt yields fall at least 8bps; 10-year down 8.6bps to 5.197%

The move is broad-based across the curve rather than concentrated at the long end, which points to a repricing of the rate path rather than a pure term-premium story. The modest 2s/10s narrowing suggests front-end expectations shifted almost as much as long-dated ones, so the driver is likely macro or policy-sensitive rather than supply-specific. For RWA and tokenized-treasury products benchmarked to gilts, a same-day drop of this size feeds straight into yield references and collateral valuations. Whether the curve continues to flatten, or the long end gives back its gains, is the open question worth watching.