PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Gilt yields eased slightly into the PM reset, with PWLB rates down 1–2bp across the curve.
PWLB fixed rates at 12:34 landed 1–2bp lower across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.02% (-2bp)
- → 3y — 5.14% (-2bp)
- → 5y — 5.29% (-2bp)
- → 10y — 5.80% (-1bp)
- → 25y — 6.42% (-1bp)
- → 50y — 6.20% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild parallel shift — All key maturities reset 1–2bp lower, with the front end (1–5y) down 2bp and the rest of the curve down 1bp.
CONTEXT
- → UK GDP (Feb) — Monthly GDP beat expectations at +0.5% (vs forecast +0.1%), but this relates to the pre-Iran war period.
- → Eurozone CPI (Mar) — Inflation came in at 2.6% (vs forecast 2.5%), slightly above expectations.
- → Newsflow — Market focus remains on Middle East conflict, supply chain risks, and UK macro resilience; no single clear driver in today's inputs.
LOOK AHEAD
- → 13:00 — GBP NIESR Monthly GDP Tracker (prev 0.30%)
- → 16:40 — GBP BoE Deputy Governor Woods speaks
- → Tomorrow 13:00 — GBP BoE MPC Member Pill speaks
A quiet PM reset—rates drifted down a touch, but the broader picture remains steady amid ongoing geopolitical noise.
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 moved as quietly as the PWLB curve this afternoon.