Overview

• The 30-year gilt yield reached about 5.75% in early Wednesday trading after hitting 5.68% on Tuesday, marking multi-decade highs.
• Analysts cast the sell-off as a credibility test for fiscal policy, with some comparing the warning from bond markets to the 2022 mini-Budget episode.
• Sterling slipped roughly 1.2% to about $1.33, adding to concerns over the market backdrop for UK assets.
• Commentary from firms including deVere argues Reeves may need politically difficult measures such as tax rises, spending cuts, or both to convince investors.
• Reports suggest the Budget date could be confirmed for November 26, with the OBR’s forecasting timetable cited as a factor, though the timing has not been formally announced.