Afternoon Rate Update

Headline

PWLB Rates Take a Slight Turn: A Gentle Afternoon Shift

Notice Details

PWLB Interest Rate Notice Number 066/26, released on February 17, 2026, at 12:30 PM.

Maturity Rates

• 1y: 4.47% (+1bps)
• 3y: 4.62% (+1bps)
• 5y: 4.84% (+1bps)
• 10y: 5.44% (0bps)
• 25y: 6.10% (0bps)
• 50y: 5.91% (0bps)

Rates have seen a modest increase of 1 basis point across shorter maturities, while the longer-term rates remain unchanged—indicative of a stable afternoon in the treasury markets.

Afternoon Context

Since this morning, the economic landscape has shifted slightly with the release of several data points. The GBP Average Earnings excl. Bonus came in at 4.2%, below the forecast of 4.4%, while the GBP Unemployment Rate matched expectations at 5.2%. Additionally, the GBP Claimant Count Change showed a larger increase than anticipated at 28.60k, compared to a forecast of 22k. These figures reflect a cooling labour market, which has led traders to further speculate on potential interest rate cuts from the Bank of England. Overall, the gilt yields are likely to remain under pressure as the market digests these developments.

Calendar Events

RELEASES SO FAR TODAY:

• GBP Average Earnings excl. Bonus - Actual: 4.2% (Forecast: 4.4%, Previous: 4.4%)
• GBP Unemployment Rate - Actual: 5.2% (Forecast: 5.1%, Previous: 5.1%)
• GBP Claimant Count Change - Actual: 28.60k (Forecast: 22k, Previous: 2.70k)

REMAINING TODAY:

• No further significant economic releases today.

TOMORROW:

• Wednesday, February 18: GBP Inflation Rate YoY - 07:00 - Forecast: 3.0%

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.

Keep calm and carry on borrowing wisely!