PWLB briefing
Morning Rate Update
PWLB rates reset sharply higher this morning, with increases of 5–10bp across the curve and the long end leading.
⚠ RATE ALERT — AM reset: notable upward move across all maturities, with long-dated PWLB rates up 9–10bp; no single data release, but global risk sentiment and inflation concerns remain in focus.
PWLB curve jumps: long end surges 9–10bp as inflation fears linger
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.03% | +1bp |
| 3y | 5.17% | +3bp |
| 5y | 5.33% | +4bp |
| 10y | 5.86% | +6bp |
| 25y | 6.51% | +9bp |
| 50y | 6.30% | +10bp |
Parallel upward shift, with the long end (25y, 50y) seeing the largest increases.
What Moved
- → Long end leads — 25y and 50y rates rose 9–10bp, outpacing shorter maturities.
- → Belly and 10y — 10y up 6bp, 5y up 4bp; front end (1y) only +1bp.
- → Curve steepening — Larger moves at the long end, with a clear upward tilt.
Context
- → No UK data released yet — No overnight GBP releases; BoE MPC member Pill speaks at 13:00.
- → Global inflation and risk focus — News flow highlights persistent inflation concerns and ongoing geopolitical risk, with commentary from Goldman Sachs and the Bank of England on the high bar for rate changes.
- → No single data driver — The move reflects broader market sentiment rather than a specific release.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 13:00 — BoE MPC Member Pill Speaks (MEDIUM)
- → 20:30 — CFTC GBP speculative net positions (MEDIUM) (Prev: -56.4K)
Next 48 Hours
Calendar light over the next 48 hours.
⚑ Treasurer's Note — Notable upward reset this morning: long-dated PWLB rates are up 9–10bp, with 50y now at 6.30% and 25y at 6.51%. The move is broad-based but steepest at the long end, reflecting persistent inflation and risk concerns in global markets. If you are watching for the next reset, the current gap to live gilts may be material. Monitor for any further volatility around BoE commentary later today.
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 after more resets than a council laptop.