TREE NEWS reports: The UK 10-year gilt yield fell 3.2 basis points to 5.366% in late European trading on Friday, October 2, touching 5.291% when the US nonfarm payrolls report was released. The 30-year yield dropped 5.4bp to 5.891%, while the 2-year rose 1.6bp to 4.817%. The 2s/10s spread narrowed 4.656bp to +54.772bp.
UK 10-Year Gilt Yield Falls 3.2bp on US Nonfarm Payrolls Day
AI take
The curve move matters more than the headline drop: long-end gilts rallying while the 2-year edges up points to duration demand rather than a broad rates repricing, and the timing around the US payrolls print suggests UK yields are still trading as a satellite of US data. For UK borrowers and duration-sensitive RWA exposure, the signal is that long-end funding costs eased without any domestic catalyst. Whether the 2s/10s flattening extends once US data stops dominating the tape is the open question.
Generated by AI for reference only.
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