PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the PM reset, with little movement overall.
PWLB fixed rates at 12:15 show a modest downward shift, with most tenors 1–2bp lower and little changed in the short and medium maturities.
PWLB PM SNAPSHOT
- → 1y: 5.04% (+4bp)
- → 3y: 5.12% (+1bp)
- → 5y: 5.24% (unch)
- → 10y: 5.70% (-1bp)
- → 25y: 6.29% (-2bp)
- → 50y: 6.09% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end steady to slightly higher — 1y and 3y up (+4bp, +1bp), 5y unchanged.
- → Belly and long end drift lower — 10y down (-1bp), 25y down (-2bp), 50y down (-1bp).
CONTEXT
- → Market relief after US–Iran ceasefire — Oil prices plunged nearly 15%, global equities surged, and bond yields fell as risk sentiment improved on news of a two-week truce and reopening of the Strait of Hormuz.
- → UK data: Halifax house prices — March saw a 0.5% monthly fall (vs forecast +0.1%), with annual growth slowing to 0.8% (vs forecast 1.5%), reflecting property market caution amid recent volatility.
LOOK AHEAD
- → Tomorrow 23:01 — RICS Housing Survey (forecast: -18, prev: -12)
- → Tomorrow 09:00 — Overall Comprehensive Risk (prev: 9)
- → Tomorrow 08:30 — S&P Global Construction PMI (HIGH impact)
A calmer session, with rates drifting slightly lower as markets digest the ceasefire news and softer UK housing data.
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 all market moves were this well-timed for committee deadlines.