UK 10-year gilt yield rises 1.6bp to 5.384% in late European trade

The move is less about the headline level than the shape: gains concentrated at the long end while the two-year slipped, steepening the curve through the 2s/10s spread. That points to term-premium and duration concerns rather than a repricing of near-term policy expectations. It matters for anyone with long-dated gilt exposure, from pension schemes to overseas holders, since the 30- and 50-year buckets did the heavy lifting. Whether the long end keeps leading — and whether the front end stays anchored — is the open question.