UK 10-year gilt yield falls 1.9 bp to 5.136%

The move is modest but broad-based along the curve, with the long end easing slightly more than the front, which points to a gentle repricing of duration risk rather than a shift in near-term rate expectations. The narrowing 2/10-year spread is the detail worth noting: it suggests the curve is flattening at the margin, a small counterpoint to the steepening narrative that has dominated gilt markets. Whether this is a one-session pause or the start of a more durable bid for long gilts is the open question, and the long-end reaction to the next round of supply and inflation data will be the tell.