Afternoon Rate Update

Hello again! Here’s your afternoon update on the latest PWLB rates and market developments.

Headline: PWLB Rates Take a Slight Dip, Calm Afternoon in the Markets

PWLB Interest Rate Notice Number 022/26 was released today, January 16, 2026, at 12:30 PM.

Maturity Rates

• 1y: 4.58% (-1bps)
• 3y: 4.70% (-2bps)
• 5y: 4.90% (-2bps)
• 10y: 5.45% (-1bps)
• 25y: 6.06% (-2bps)
• 50y: 5.85% (-2bps)

The rates have seen minor reductions across the board, with the 3-year and 5-year maturities both decreasing by 2 basis points, indicating a slight easing in borrowing costs.

Afternoon Context

Since this morning, there have been no significant economic data releases to impact the markets. The only notable event was a speech by Bank of England's Bailey, which had a medium impact but did not lead to any major market shifts. Global markets remain stable, with no significant movements in gilt yields observed. The calmness in the PWLB rates reflects a broader trend of stability in the financial landscape.

Calendar Events

Today’s Releases:

• 10:30 AM: GBP BoE Bailey Speech - MED impact

Remaining Today:

• No further significant economic releases today.

This Week Ahead:

• Tuesday 07:00: GBP Average Earnings excl. Bonus - Forecast: 4.5%
• Tuesday 07:00: GBP Employment Change - Forecast: -25k
• Tuesday 07:00: GBP Claimant Count Change - Forecast: 20.50k
• Tuesday 07:00: GBP Average Earnings incl. Bonus - Forecast: 4.5%
• Tuesday 07:00: GBP HMRC Payrolls Change - Forecast: -20k
• Tuesday 07:00: GBP Unemployment Rate - Forecast: 5.1%
• Wednesday 07:00: GBP PPI Output YoY - Forecast: 0.03
• Wednesday 07:00: GBP PPI Output MoM - Forecast: 0
• Wednesday 07:00: GBP PPI Core Output MoM - Forecast: 0.00

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, may your treasury operations be as smooth as a well-tuned orchestra!