Morning Rate Update

Headline

PWLB Rates Hold Steady, Market Takes a Breather

Notice Details

PWLB Interest Rate Notice Number 023/26
Fixed rates for transactions agreed after 09:19 on 19 January 2026

Maturity Rates

• 1y: 4.58% (0)
• 3y: 4.71% (1)
• 5y: 4.91% (1)
• 10y: 5.47% (2)
• 25y: 6.09% (3)
• 50y: 5.88% (3)

With only minor shifts across the board, it seems the market is enjoying a quiet morning, perhaps sipping tea while contemplating the latest geopolitical developments.

Market Context

The yield curve appears to be slightly upward sloping, indicating a modest increase in longer-term rates compared to the short end. Today, there are no significant GBP economic releases reported so far, with all eyes on the upcoming data. In the news, President Trump's recent tariff threats have sent ripples through global markets, particularly affecting European stocks and commodities like gold, which have surged to record highs. This uncertainty may be contributing to the cautious stance observed in the gilt markets, as investors weigh the potential impacts on inflation and economic growth. Overall, the market remains in a state of watchful waiting, with no major movements in PWLB rates reflecting this sentiment.

Calendar Events

TODAY’S RELEASES:

• No significant economic releases scheduled.

REMAINING TODAY:

• No significant economic releases scheduled.

THIS WEEK AHEAD:

• 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%
• Wednesday: GBP PPI Output YoY - Forecast: 0.03
• Wednesday: GBP PPI Output MoM - Forecast: 0
• Wednesday: GBP PPI Core Output MoM - Forecast: 0.00
• Wednesday: GBP PPI Output - Forecast: 0.03

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 a well-oiled machine!