Traders price a 48% chance of further 25 basis point cut in December. Down from 63%.

After the UK budget and OBR assessment:

• Markets reflect and 82% chance of a 25 basis point cut in November versus 92% chance earlier
• Markets national and 48% chance of a further 25 basis point cut in December versus 63% earlier today

10 year yields are now up 3.6 basis points at 4.353%. The two year yield is up 6.3 basis points after 4.322%