Gilts outperformed US Treasuries by 5 basis points on Budget day, Portfolio Adviser reports. That came even as gilts gave back their earlier gains during the afternoon.
James Bilson, global fixed income strategist at Schroders, told Portfolio Adviser the Budget was "uneventful", adding that "this is exactly what the bond market wanted to see."
Craig Veysey, portfolio manager at Guinness, called it "the boring Budget that bond markets demanded after a particularly challenging period for gilts".
Mr Veysey said the 10-year gilt yield stood at 5.31% at 2pm on 28 October. He noted that this was only about 20 basis points below its peak earlier this month, which was the highest level since 2007. By comparison, he said, the US 10-year yield is about 40 basis points below the multi-decade highs it reached a few weeks ago.