Afternoon Rate Update

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

Headline

PWLB Rates Remain Stubbornly Steady: A Quiet Afternoon

Notice Details

Notice Time: 12:30 PM

Maturity Rates

• 1y: 4.49% (0)
• 3y: 4.64% (0)
• 5y: 4.87% (0)
• 10y: 5.47% (1)
• 25y: 6.12% (1)
• 50y: 5.94% (2)

Rates have seen minimal movement, with only slight increases in the 10-year, 25-year, and 50-year maturities. It seems the PWLB rates are enjoying a leisurely afternoon, with no significant shifts to report.

Afternoon Context

This morning’s CBI Industrial Trends Orders release showed a decline to -28, worse than the forecast of -25 and the previous -30, indicating a continued contraction in manufacturing sentiment. In the news, Centrica's shares have dropped significantly following a pause in their share buyback program due to a nearly 39% fall in profits, raising concerns about the broader market stability. Despite these developments, gilt yields remain stable, reflecting the lack of immediate pressure on borrowing costs.

Calendar Events

RELEASES SO FAR TODAY:

• 10:30 AM: CBI Industrial Trends Orders - Actual: -28 (Forecast: -25, Previous: -30)

REMAINING TODAY:

• No further significant economic releases today.

TOMORROW AND THIS WEEK:

• Tomorrow: Retail Sales MoM - 07:00 - Forecast: 0.00%
• Tomorrow: Retail Sales YoY - 07:00 - Forecast: 0.03%
• Tomorrow: S&P Global Services PMI Flash - 09:30 - Forecast: 53.6
• Tomorrow: S&P Global Manufacturing PMI Flash - 09:30 - Forecast: 51.9
• Tuesday 24th: Treasury Gilt 2033 Auction - Low impact (Previous: 4.3%*)

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 rates be low and your spreadsheets error-free!