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Misty Mountain Hop - 17 - 21 November
- With the UK budget coming rapidly into view, markets have baulked at media speculation suggesting the Chancellor will row back on a planned fiscal consolidation.
- It appears the Chancellor has reduced the scale of the planned tax hikes on the back of improved fiscal forecasts from the budgetary watchdog, the Office for Budgetary Responsibility (OBR).
- The circularity of this fragile budget strategy has now unwound with the renewed rise in gilt yields today, with the 10-year now trading at around 4.5%.
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