Afternoon Rate Update

Good afternoon! Here’s your latest update on PWLB rates and market movements.

Headline

PWLB Rates Hold Steady, Market Takes a Breather

Notice Details

PWLB Interest Rate Notice Number 036/26
Rates reset at 12:51 on 27 January 2026.

Maturity Rates

• 1y: 4.62% (0bps)
• 3y: 4.80% (0bps)
• 5y: 5.02% (0bps)
• 10y: 5.57% (0bps)
• 25y: 6.17% (-1bps)
• 50y: 5.96% (0bps)

Rates have remained largely unchanged, with only the 25-year rate experiencing a slight decline of 1 basis point. It seems the PWLB rates are enjoying a quiet afternoon, perhaps contemplating their next move.

Afternoon Context

Since this morning, the only significant economic release was the GBP BRC Shop Price Inflation, which came in at 1.5%, notably above the forecast of 0.8% and the previous 0.7%. This data suggests persistent inflationary pressures, which could influence future interest rate considerations. Additionally, the GBP Treasury Gilt 2033 Auction yielded 0.04%, a significant drop from the previous 4.19%, indicating a shift in market sentiment towards lower yields. Overall, the market appears to be digesting these developments without major fluctuations in gilt yields.

Calendar Events

RELEASES SO FAR TODAY:

• GBP BRC Shop Price Inflation - Actual: 1.5% (Forecast: 0.8%, Previous: 0.7%) - Indicates rising inflation pressures.
• GBP Treasury Gilt 2033 Auction - Actual: 0.04% (Previous: 4.19%) - A significant drop in yield.

REMAINING TODAY:

• No further significant economic releases today.

TOMORROW AND THIS WEEK:

• Thursday 29th: GBP Car Production YoY - Forecast: 0.07 (Previous: -0.14)
• Friday 30th: GBP Nationwide Housing Prices MoM - Forecast: 0.6% (Previous: -0.4%)
• Friday 30th: GBP Nationwide Housing Prices YoY - Forecast: 1.5% (Previous: 0.6%)
• Friday 30th: GBP Mortgage Lending - Forecast: 4.60B (Previous: 4.49B)
• Friday 30th: GBP Net Lending to Individuals MoM - Forecast: 4.20B (Previous: 6.60B)
• Friday 30th: GBP Mortgage Approvals - Forecast: 64.40k (Previous: 64.53k)
• Friday 30th: GBP BoE Consumer Credit - Forecast: 1.90B (Previous: 2.08B)
• Monday 2nd: GBP S&P Global Manufacturing PMI Final - Forecast: 51.6 (Previous: 50.6)
• Tuesday 3rd: GBP Treasury Gilt 2035 Auction - Due later.

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 steady as the PWLB rates this afternoon!