Morning Rate Update

Headline

PWLB Rates Rise Slightly, But Not Enough to Write Home About

Notice Details

PWLB Interest Rate Notice Number 499/25, AM reset, published at 09:10 on December 24, 2025.

Maturity Rates

• 1y: 4.65% (3bps)
• 3y: 4.80% (3bps)
• 5y: 5.01% (3bps)
• 10y: 5.58% (4bps)
• 25y: 6.19% (3bps)
• 50y: 5.95% (3bps)

While most rates have seen a modest uptick of 3 to 4 basis points, the 10-year rate's 4bps increase is the most notable, but still hardly a cause for celebration.

Market Context

The yield curve remains relatively stable, with slight upward shifts across the board. Today, there are no significant GBP economic releases scheduled, which may contribute to the subdued market activity. In the news, gold and silver prices have surged to record highs, driven by geopolitical tensions and expectations of further US rate cuts. This backdrop may influence investor sentiment towards UK gilts, although no direct correlation can be drawn from the current PWLB movements. Additionally, the ongoing discussions around fiscal policies and their implications for the economy continue to loom large, but today’s quiet news cycle leaves little to dissect.

Calendar Events

TODAY’S RELEASES:

• No significant economic releases scheduled.

REMAINING TODAY:

• No significant economic releases scheduled.

THIS WEEK AHEAD:

• No significant economic releases scheduled.

This commentary is provided for informational purposes only and should not be construed as financial advice. Market conditions can change rapidly, and you should always verify current rates directly with the PWLB or through official channels before making borrowing decisions. Past performance is not indicative of future results.

Until next time, keep your treasury operations as smooth as your morning coffee!