UK 10-year gilt yield falls 2.7bp to 5.420% after US CPI

The move is modest and concentrated at the front end, with the two-year's sharp intraday round-trip around the US CPI print suggesting the data, not domestic UK factors, drove the session. That the 30- and 50-year barely budged while the 2s/10s spread widened slightly points to a curve response rather than a broad repricing of UK duration risk. Whether this CPI-driven reaction fades once the initial positioning clears is the open question, particularly with long-end gilts showing little conviction either way.