While gilt yields rose sharply, it was not in reaction to the extent of borrowing announced by the chancellor of the exchequer Philip Hammond, RLAM manager Craig Inches said.
Instead, investors were skewed by the release of the ADP Jobs Report which hinted at a buoyant US conomy.
Inches, head of short rates and cash at RLAM, said: “The gilt market’s reaction to the budget was to treat it as a non-event, with the majority of Wednesday’s rise in yields being driven from across the pond as the ADP Jobs Report showed a US economy in rude health.
“With net borrowing roughly as expected, the chancellor and the OBR have merely tinkered with the details without upsetting expectations.”
Gilt issuance for the next fiscal year was higher than forecast at £115.1bn with an expected 40 auctions, Inches added.
In its analysis of the budget, Brooks Macdonald’s view echoed that of RLAM.
