The UK bond market demonstrated resilience this week, with gilts outperforming as yields declined following the budget announcement. Although the budget included approximately £55 billion in tax hikes, the market reaction suggests the measures were not as restrictive as initially feared. Market observers have noted that extreme wariness regarding a potential recurrence of a "Truss shock" has faded. While there was initial volatility, the market has since digested the fiscal plans, allowing interest rates to stabilize and decline. The sentiment remains that the budget, while impactful, did not trigger the fiscal instability seen in previous administrations. [Update 1] New reports confirm that over the past week, UK Gilts have clearly outperformed peers as the market fully digests the budget measures. The absence of a negative fiscal shock has solidified investor confidence, leading to a decline in interest rates.