Pimco, the world's biggest bond manager, has turned bullish on UK government debt, just six months after it warned gilts were resting "on a bed of nitroglycerin".
The UK gilt market rallied in the run-up to the Budget and while Osborne was giving his speech, but this initial growth spurt now seems to have moderated.
PIMCO's Mike Amey is orientating his fund towards shorter-dated bonds and cash in the view they provide better reward for the risks associated with the UK economy.
Sterling has strengthened against the US dollar and euro on the back of today's emergency Budget, while gilts have also bounced.
Here are all the key facts from today's Budget you need to know...
Ignis head of credit portfolio management Chris Bowie is using the strong rebound in risk appetite today to accelerate the group's de-risking in credit markets.
Swip's Graeme Caughey says the group could look to reduce gilt holdings over the next year on inflation concerns.