PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged up by 1–2bp across the curve at the 12:32 reset, with no sharp moves.
PWLB fixed rates at the 12:32 PM reset are up 1–2bp versus the previous notice; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.14% (+1bp)
- → 3y: 5.26% (+2bp)
- → 5y: 5.38% (+2bp)
- → 10y: 5.84% (+2bp)
- → 25y: 6.41% (+1bp)
- → 50y: 6.21% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — Rates rose 1–2bp across all key maturities, with the belly and 10y up by 2bp, and the rest up 1bp.
CONTEXT
- → Gilts steady after earlier rally — Morning news highlighted a sharp drop in oil and a bond rally, but by the PM reset, moves had moderated and UK yields stabilised.
- → UK data muted — S&P Global Manufacturing PMI came in at 51.0 (vs 51.4 forecast), showing a slight miss but not a major surprise.
- → Geopolitics still in focus — Market sentiment remains sensitive to Iran war headlines and oil price swings, but no single clear driver for the modest PM move.
LOOK AHEAD
- → No further GBP releases today — Calendar is clear for UK data this afternoon.
- → Tomorrow 12:30 — USD Initial Jobless Claims (forecast: 212K) may influence global risk tone, but direct UK impact likely limited.
A calm PM reset after a volatile morning; the market is watching headlines, but rates are holding steady for now.
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 every afternoon were this uneventful.