Afternoon Rate Update

PWLB PM Update: 04 Mar 2026 12:32 – Modest Downward Move Across Curve

PWLB PM Snapshot

• 1y: 4.62% (-4bp)
• 3y: 4.72% (-4bp)
• 5y: 4.92% (-3bp)
• 10y: 5.48% (-3bp)
• 25y: 6.13% (-3bp)
• 50y: 5.95% (-2bp)

What’s New Since This Morning

• Parallel downward shift of 2–4bp across the curve, with the largest moves at the short end (1–3y, -4bp), and smaller declines at the long end (50y, -2bp).

Context

• UK S&P Global Services and Composite PMI final readings were in line with forecasts (Services: 53.9, Composite: 53.7), indicating stable activity and no calendar-driven surprise.
• News flow remains dominated by Middle East tensions and oil supply disruption risks, but no single clear driver for today’s modest downward move in PWLB rates is evident in the provided inputs.

Look Ahead

• Tomorrow 09:30: S&P Global Construction PMI (MED impact) – Forecast: 47
• Diary is light into tomorrow.

PWLB rates saw a modest parallel decline this afternoon, with no material domestic data surprises and geopolitical headlines continuing to shape the broader backdrop.

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.