Afternoon Rate Update

Headline

PWLB Rates Shift Slightly, But Not Enough to Raise Eyebrows

Notice Details

PWLB Interest Rate Notice Number 074/26, PM reset at 12:30 on 23 February 2026.

Maturity Rates

• 1y: 4.49% (+1)
• 3y: 4.62% (0)
• 5y: 4.84% (+1)
• 10y: 5.43% (+1)
• 25y: 6.09% (+1)
• 50y: 5.89% (+1)

The 1-year, 5-year, 10-year, 25-year, and 50-year rates all saw a modest increase of 1 basis point, while the 3-year rate remained unchanged. Overall, the market appears to be holding steady.

Afternoon Context

Since this morning, there have been no significant economic data releases reported. The market continues to react to the ongoing uncertainty surrounding President Trump's recent tariff announcements, which have left investors cautious. Despite the slight uptick in PWLB rates, there has been no notable movement in UK gilt yields, suggesting that the market is digesting the news without immediate reaction.

Calendar Events

REMAINING TODAY:

• No significant economic releases scheduled.

THIS WEEK AHEAD:

• Tomorrow, 10:00: GBP Treasury Gilt 2033 Auction - LOW impact
• Tomorrow, 11:00: GBP CBI Distributive Trades - MED impact - Forecast: -17
• Friday, 00:01: GBP Car Production YoY - LOW impact - Forecast: 0.05
• Friday, 00:01: GBP Gfk Consumer Confidence - MED impact - Forecast: -16
• Friday, 07:00: GBP Nationwide Housing Prices YoY - MED impact - Forecast: 1.8%
• Friday, 07:00: GBP Nationwide Housing Prices MoM - MED impact - Forecast: 0.3%
• Monday, 09:30: GBP Mortgage Lending - MED impact - Forecast: 4.20B
• Monday, 09:30: GBP S&P Global Manufacturing PMI Final - LOW impact - Forecast: 52
• Monday, 09:30: GBP Net Lending to Individuals MoM - LOW impact - Forecast: 3.80B
• Monday, 09:30: GBP M4 Money Supply MoM - LOW impact - Forecast: -0.00

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 predictable as a well-timed bus schedule!