Morning Rate Update

PWLB Rates: Modest Upward Moves Across Curve

PWLB Snapshot

• 1y: 4.65% (+3bp)
• 3y: 4.76% (+4bp)
• 5y: 4.95% (+3bp)
• 10y: 5.50% (+2bp)
• 25y: 6.14% (+1bp)
• 50y: 5.96% (+1bp)

What Moved

• Front-end and belly saw modest increases of 3–4bp, with smaller gains at the long end.
• 10y and longer maturities moved up by 1–2bp, indicating a mild upward shift across the curve.

Context

• GBP S&P Global Construction PMI (MED impact) released this morning; no high-impact UK data so far today.
• Global news dominated by ongoing Middle East conflict and energy market disruption, but no direct UK gilt or BoE policy commentary.
• Market commentary highlights volatility in global rates and commodities, but UK-specific drivers are limited.

Watchlist (Next 24–48 Hours)

• Tomorrow 07:00: GBP Halifax House Price Index (MED impact) – Forecast: 1.1% (Previous: 1.0%)
• Tomorrow 07:00: GBP Halifax House Price Index MoM (MED impact) – Forecast: -0.1% (Previous: 0.7%)

PWLB rates have edged higher, with modest moves across most maturities and no major UK-specific catalysts evident.

This commentary is provided for information only and is not financial advice. Please verify rates directly with PWLB or official sources before acting.