UK 10-year gilt yield falls 4.2bp to 5.376%

The move was concentrated at the long end, with 30- and 50-year yields falling slightly more than the 10-year, while the front end lagged — a curve flattening rather than a uniform rally. That pattern suggests duration demand or positioning rather than a broad repricing of near-term rate expectations, since the two-year barely participated and the 2s/10s spread compressed. The open question is whether the long-end bid persists or fades, given the two-year's intraday recovery from its session low.