PWLB briefing

Afternoon Rate Update

· By , PWLBtoday

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

Headline: Rates Hold Steady, Like a Well-Behaved Student

Notice Date: 24 February 2026, PM reset at 12:30

Maturity Rates

  • 1y: 4.47% (0bps)
  • 2y: 4.51% (-1bps)
  • 3y: 4.59% (0bps)
  • 5y: 4.79% (-1bps)
  • 10y: 5.37% (-2bps)
  • 25y: 6.03% (-2bps)
  • 50y: 5.84% (-1bps)

While the rates have shifted slightly, the overall movement is negligible, indicating a calm afternoon in the treasury markets.

Afternoon Context

This morning’s GBP CBI Distributive Trades report showed a significant decline, with an actual value of -43 compared to the forecast of -17, reflecting ongoing challenges in retail activity. Additionally, the GBP Treasury Gilt 2033 Auction yielded an actual rate of 0.04%, down from the previous 4.3%. The market is currently digesting the implications of President Trump's new 10% global tariffs, which have created uncertainty for UK exporters, but overall, gilt yields remain stable amid these developments.

Calendar Events

RELEASES SO FAR TODAY:

  • 10:30am: GBP CBI Distributive Trades - Actual: -43 (Forecast: -17, Previous: -17)
  • 10:00am: GBP Treasury Gilt 2033 Auction - Actual: 0.04 (Previous: 4.3%*)

REMAINING TODAY:

  • No further significant economic releases today.

THIS WEEK AHEAD:

  • Friday 00:01: GBP Car Production YoY - Forecast: 0.05 (Previous: 0.18)
  • Friday 00:01: GBP Gfk Consumer Confidence - Forecast: -16 (Previous: -16)
  • Friday 07:00: GBP Nationwide Housing Prices YoY - Forecast: 1.8% (Previous: 1.0%)
  • Friday 07:00: GBP Nationwide Housing Prices MoM - Forecast: 0.3% (Previous: 0.3%)
  • Monday 09:30: GBP Mortgage Lending - Forecast: 4.20B (Previous: 4.60B)
  • Monday 09:30: GBP S&P Global Manufacturing PMI Final - Forecast: 52 (Previous: 51.8)
  • Monday 09:30: GBP Net Lending to Individuals MoM - Forecast: 3.80B (Previous: 6.10B)
  • Monday 09:30: GBP M4 Money Supply MoM - Forecast: -0.00 (Previous: 0.00)
  • Monday 09:30: GBP BoE Consumer Credit - Forecast: 1.20B (Previous: 1.52B*)
  • Monday 09:30: GBP Mortgage Approvals - Forecast: 65.50k (Previous: 61.01k)

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 a well-tuned clock!

All briefings for 24 February 2026 · February 2026 archive · All PWLB briefings