PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates saw only minor moves at the PM reset, with changes of ±2bp or less across the curve.
The 12:24 PWLB PM reset shows little changed: front-end and long-end rates shifted by just 1–2bp, with the curve broadly steady.
PWLB PM SNAPSHOT
- → 1y — 5.29% (+1bp)
- → 3y — 5.43% (+2bp)
- → 5y — 5.56% (+1bp)
- → 10y — 6.03% (unch)
- → 25y — 6.62% (-2bp)
- → 50y — 6.42% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild flattening — Small upward moves at the short end (+1–2bp), while the long end eased back by 1–2bp.
- → 10y unchanged — The 10-year rate held steady at 6.03% (unch).
CONTEXT
- → Gilt yields remain elevated — News reports highlight UK government borrowing costs at their highest since the financial crisis, with 10-year yields breaching crisis-era levels amid oil shock fears.
- → Geopolitical risk persists — Ongoing Middle East conflict, extended Hormuz blockade, and a sharp rise in oil prices continue to underpin market volatility.
- → No UK data released yet today — The economic calendar is clear so far; no domestic releases have landed ahead of the PM reset.
LOOK AHEAD
- → No UK releases left today — No further GBP high/medium-impact data due this afternoon.
- → Tomorrow 12:00 — Bank of England rate decision (forecast: 3.75%), plus MPC vote and Monetary Policy Report.
Curve remains steady, but the backdrop is restless—keep an eye on tomorrow's BoE for the next catalyst.
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 — Even a quiet curve can hide a noisy story.