PWLB briefing
Morning Rate Update
PWLB rates reset higher this morning, with a modest parallel move of +3 to +5bp across the curve.
NOTICE SUMMARY — AM reset: PWLB rates rose 3–5bp across all maturities, reflecting firmer gilt yields amid ongoing market volatility.
PWLB edges up as oil and war headlines keep gilts on the boil
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.17% | +3bp |
| 3y | 5.29% | +3bp |
| 5y | 5.42% | +4bp |
| 10y | 5.88% | +4bp |
| 25y | 6.45% | +4bp |
| 50y | 6.25% | +4bp |
Parallel upward shift of 3–5bp across the curve; no marked steepening or flattening.
What Moved
- → Broad parallel move — All key maturities rose in a tight 3–5bp range, with no significant divergence between short and long ends.
- → Largest move in 7y — The 7-year point (not shown above) saw a +5bp rise, slightly leading the belly.
Context
- → No UK data released yet — No domestic economic releases so far this morning to drive gilts.
- → Market focus on Middle East conflict — News flow dominated by oil price volatility and ongoing Iran war headlines, with global risk sentiment fragile.
- → No major surprises overnight — Gilt moves reflect the broader risk-off tone rather than any single data point.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 12:30 USD Initial Jobless Claims — Forecast: 212K
Next 48 Hours
- → Fri 2026-04-03 12:30: USD Non-Farm Payrolls — Forecast: 60K
- → Fri 2026-04-03 12:30: USD Unemployment Rate — Forecast: 4.4%
⚑ Treasurer's Note — PWLB rates have moved up 3–5bp at the morning reset, with the entire curve shifting higher in line with firmer gilt yields. The move is broad-based, with no single maturity standing out. If you are watching for the next reset, keep an eye on live gilt screens and any further geopolitical headlines, as the market remains sensitive to global risk sentiment.
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 when the only thing flatter than the curve is the coffee in the council canteen.