PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across most maturities at the 12:22 reset; moves were modest and broad-based.
PWLB fixed rates at the 12:22 PM reset saw small declines across the curve; little changed in overall direction.
PWLB PM SNAPSHOT
- → 1y — 5.18% (unch)
- → 3y — 5.30% (-1bp)
- → 5y — 5.42% (-1bp)
- → 10y — 5.86% (-1bp)
- → 25y — 6.43% (-2bp)
- → 50y — 6.23% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild downward shift across the curve: -1bp in the belly and long end, -2bp at 25y and 50y.
- → 1y unchanged; all other key tenors down 1–2bp.
CONTEXT
- → News flow remains dominated by Middle East conflict, with oil and energy prices volatile and ongoing market caution around US-Iran tensions.
- → UK economic data releases this morning (new car registrations, PMI) provided little fresh direction for gilts.
- → No single clear driver in today's inputs; moves appear technical.
LOOK AHEAD
- → No further UK data due today.
- → Tomorrow: Halifax House Prices (06:00, MM forecast 0.1%, YY 1.5%), S&P Global Construction PMI (08:30, forecast 43.7).
A quiet PM reset: rates edged down, with no single clear catalyst. Usual pattern—next moves will hinge on tomorrow's data and any further 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 the rest of the world reset twice a day as reliably as PWLB.