PWLB briefing
Morning Rate Update
PWLB rates reset lower across the curve this morning, with 2–3bp declines at all key maturities.
NOTICE SUMMARY — AM reset: PWLB rates down 2–3bp across all key tenors, following steady gilt yields after UK inflation data met expectations.
PWLB edges down as inflation holds steady and markets digest Iran headlines
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.21% | -1bp |
| 3y | 5.30% | -3bp |
| 5y | 5.41% | -3bp |
| 10y | 5.86% | -3bp |
| 25y | 6.44% | -3bp |
| 50y | 6.24% | -3bp |
Parallel move lower across the curve, with all key tenors down 2–3bp.
WHAT MOVED
- → Consistent downward shift — All major maturities moved lower by 2–3bp, with no material divergence between short and long ends.
CONTEXT
- → UK CPI (Feb) held at 3.0% y/y — In line with forecast and unchanged from previous; no inflation surprise for gilts to digest.
- → Market focus on Iran headlines — Oil prices dipped on reports of US-Iran ceasefire talks, but no direct market shock for gilts this morning.
- → News flow otherwise light for UK rates — No major macro developments overnight.
CALENDAR EVENTS
TODAY'S RELEASES
- → CPI y/y (Feb): Actual 3.0% (Forecast 3.0%, Previous 3.0%) — No surprise; neutral for gilts.
- → Core CPI y/y (Feb): Actual 3.2% (Forecast 3.1%, Previous 3.1%) — Slightly above forecast, but not enough to move the market.
REMAINING TODAY
Nothing further scheduled today.
NEXT 48 HOURS
- → Thu 2026-03-26 12:30: USD Initial Jobless Claims — Forecast: 210K
⚑ Treasurer's Note — PWLB rates reset 2–3bp lower at all key maturities this morning, reflecting a calm market response to UK inflation data and quieter news flow. The downward move is modest and broad-based, with no sharp curve shifts or surprises. If current conditions persist, the next reset will start from this slightly lower base.
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 — still here after more resets than a council budget spreadsheet.