PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down 1–3bp across most maturities at the 12:22 reset, with little change overall.
PWLB fixed rates at the 12:22 PM reset saw a modest 1–3bp decline across the curve; little changed from this morning.
PWLB PM SNAPSHOT
- → 1y — 5.21% (unch)
- → 3y — 5.29% (-1bp)
- → 5y — 5.39% (-2bp)
- → 10y — 5.84% (-2bp)
- → 25y — 6.41% (-3bp)
- → 50y — 6.22% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild softening — 1–3bp declines across the curve, with the largest moves at 15y, 20y, 25y, and 40y (-3bp).
- → Front end steady — 1y unchanged; 3y down just 1bp.
- → Long end modestly lower — 25y and 40y both -3bp; 50y -2bp.
CONTEXT
- → UK inflation steady — CPI YY held at 3.0% (in line with forecast); core CPI YY at 3.2% (vs 3.1% f/c).
- → Market focus on geopolitics — News dominated by Iran ceasefire proposals, oil price volatility, and warnings on energy supply risks.
- → No single clear driver — Moves are modest and not tied to a specific data surprise.
LOOK AHEAD
Diary is light into tomorrow.
A quiet PM reset, with rates drifting slightly lower as markets digest steady inflation and ongoing geopolitical headlines.
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 only oil prices were as predictable as the PWLB notice schedule.