Afternoon Rate Update

Headline

PWLB Rates Take a Slight Dip, Markets Remain Calm

Notice Details

PWLB Interest Rate Notice Number 024/26
Fixed rates for transactions agreed after 12:22 on 19 January 2026

Maturity Rates

• 1y: 4.57% (-1)
• 3y: 4.71% (0)
• 5y: 4.91% (0)
• 10y: 5.47% (0)
• 25y: 6.09% (0)
• 50y: 5.88% (0)

The 1-year rate has dipped by 1 basis point, while the rest of the rates have held steady, indicating a rather uneventful afternoon in the PWLB market.

Afternoon Context

Since this morning, there have been no significant economic data releases to report. The market continues to digest the implications of President Trump's tariff threats, which have led to a cautious atmosphere among investors. The overall sentiment remains stable, with gilt yields reflecting this calmness. As the markets await further developments, the lack of movement in PWLB rates suggests that borrowers may find a moment of respite.

Calendar Events

REMAINING TODAY:

• No further significant economic releases today.

TOMORROW:

• Tomorrow, 07:00: GBP Average Earnings excl. Bonus - Forecast: 4.5%
• Tomorrow, 07:00: GBP Employment Change - Forecast: -25k
• Tomorrow, 07:00: GBP Claimant Count Change - Forecast: 20.50k
• Tomorrow, 07:00: GBP Average Earnings incl. Bonus - Forecast: 4.5%
• Tomorrow, 07:00: GBP HMRC Payrolls Change - Forecast: -20k
• Tomorrow, 07:00: GBP Unemployment Rate - Forecast: 5.1%

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 freshly paved road!