PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged lower by 1–3bp across the curve at the 12:51 reset; moves remain modest.
PWLB rates at the PM fix are down 1–3bp versus the prior notice, with little changed in overall market direction.
PWLB PM SNAPSHOT
- → 1y: 5.22% (-2bp)
- → 3y: 5.33% (-1bp)
- → 5y: 5.44% (-1bp)
- → 10y: 5.89% (-2bp)
- → 25y: 6.47% (-2bp)
- → 50y: 6.27% (-3bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild curve softening — Front end and long end both eased 2–3bp, with the 50y down the most (-3bp); belly moves are limited to -1bp.
CONTEXT
- → UK data — Flash Composite PMI (51.0) and Services PMI (51.2) both missed forecasts and fell from previous readings, suggesting softer activity; Manufacturing PMI (51.4) surprised to the upside.
- → Market backdrop — News flow remains dominated by Middle East conflict and energy market volatility, but no single clear driver for today's modest gilt rally.
LOOK AHEAD
- → Today 13:45: US S&P Global Comp PMI Flash (HIGH) — Previous: 52.3.
- → Tomorrow 07:00: UK CPI (HIGH) — Headline YY forecast: 3.0%; Core YY: 3.1%.
PWLB rates are drifting lower, but the move is incremental. Eyes now turn to US PMI and tomorrow's UK inflation print for the next steer.
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 want excitement, try the oil market. For now, gilts are sticking to the script.