UK 2-year gilt yield rises 3.6 bps to 4.921%

The move is in the front end, not the long end: the 2-year repricing while the 10-year holds roughly flat points to shifting near-term rate expectations rather than a change in the longer-run inflation or fiscal view. The 2/10 curve flattening to a session low is the detail worth noting, since it compresses the term premium story that has driven gilt chatter. Whether the front end keeps leading and the curve continues to flatten is the open question.