Morning Rate Update

Headline

PWLB Rates Hold Steady, Market Yawns

Notice Details

PWLB Interest Rate Notice Number 073/26, AM reset at 09:10 on 23 February 2026.

Maturity Rates

• 1y: 4.48% (0)
• 3y: 4.62% (+1)
• 5y: 4.83% (0)
• 10y: 5.42% (0)
• 25y: 6.08% (+1)
• 50y: 5.88% (0)

Notably, the 3-year and 25-year rates saw a slight uptick of 1 basis point, while the rest of the maturities remained unchanged, suggesting a rather quiet day in the treasury market.

Market Context

The yield curve remains relatively flat, with only minor movements observed in the shorter and longer maturities. Today, there are no significant GBP economic releases reported, which may contribute to the subdued market activity. In global news, the US dollar has weakened following President Trump's announcement of a new 15% global tariff, causing ripples across stock markets and commodities. This uncertainty may influence investor sentiment towards UK gilts, although no direct impact has been observed in today's PWLB rates. The market appears to be digesting the implications of these developments without immediate reaction.

Calendar Events

TODAY’S RELEASES:

• No significant economic releases scheduled.

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, keep your treasury operations as smooth as a well-oiled machine!