How the United Kingdom curve changed across regimes
Historical yield curves provide more information than a time series of one maturity. They show whether a repricing originated at the policy-sensitive front end, whether long-term yields moved with or against it, and whether the market transitioned through inversion, flattening or steepening as the macro regime changed.
Long-dated gilts can behave differently from shorter maturities because pension hedging and duration demand are unusually important in the UK market. That makes the curve particularly valuable when funding stress or inflation uncertainty changes the balance between sectors.
Policy easing and recession risk drove a major repricing of the gilt curve.
Growth, currency and policy expectations shifted sharply after the referendum.
Long-dated gilt yields surged during a severe pension-fund liquidity event before Bank of England intervention stabilized the market.