PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates rose modestly by 1–3bp across the curve at the 12:18 reset.
PWLB rates were reset at 12:18 with a small upward move across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 4.89% (+3bp)
- → 3y — 5.01% (+2bp)
- → 5y — 5.17% (+2bp)
- → 10y — 5.67% (+1bp)
- → 25y — 6.29% (+1bp)
- → 50y — 6.10% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end firmer — 1y and 2y up by +3bp, with 3y and 5y +2bp.
- → Long end steady — 10y and beyond up by +1bp.
CONTEXT
- → Macro backdrop — News flow continues to focus on oil market volatility and Middle East conflict, with energy prices remaining elevated and inflation concerns persistent.
- → Calendar releases — No major UK data out since the AM reset; eurozone HICP final in line with forecast at 1.9% YY.
- → Market anticipation — Focus remains on the US Fed decision due this evening and tomorrow’s Bank of England meeting.
LOOK AHEAD
- → Today 18:00 — US Fed Funds Target Rate (no forecast change).
- → Tomorrow 07:00 — UK labour market data (unemployment rate forecast 5.3%).
- → Tomorrow 12:00 — Bank of England rate decision (forecast 3.8%).
A routine PM reset: small upward shift, with all eyes now on central bank decisions over the next 24 hours.
This commentary is provided for information only and is not financial advice. Please verify rates directly with PWLB or official sources before acting.
Gilt Edge Advisor — If you blinked, you missed it. Onward to the main events.