PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Modest downward shift across the curve, with 1–7 year tenors down by 3bp and longer maturities by 2–3bp.
PWLB fixed rates at the 12:25 PM reset are lower by 2–3bp across all key maturities; little changed in overall curve shape.
PWLB PM SNAPSHOT
- → 1y — 5.18% (-3bp)
- → 3y — 5.31% (-3bp)
- → 5y — 5.45% (-3bp)
- → 10y — 5.94% (-2bp)
- → 25y — 6.55% (-2bp)
- → 50y — 6.34% (-3bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1–7 year tenors down by 3bp.
- → Longer maturities — 10–40 year rates down by 2bp, 50y by 3bp.
CONTEXT
- → Global backdrop — Oil prices remain elevated as the Strait of Hormuz stays closed, with markets sensitive to any signs of progress in US-Iran talks.
- → Central banks in focus — The Bank of England, Federal Reserve, and ECB all have rate decisions this week, with expectations for no change but hawkish messaging due to ongoing inflation risks from the Middle East conflict.
- → Market tone — News flow highlights fragile sentiment, with equity and bond markets watching geopolitical developments and energy prices closely.
LOOK AHEAD
Diary is light into tomorrow.
Curve softening today, but no single event stands out—markets remain on edge for central bank signals and any Middle East breakthrough.
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 Strait of Hormuz could be reopened as quickly as a PWLB notice.