PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:11 reset; moves were minor and broad-based.
PWLB fixed rates at the 12:11 PM reset saw small declines across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.28% (-1bp)
- → 3y: 5.43% (unch)
- → 5y: 5.56% (-1bp)
- → 10y: 6.04% (-1bp)
- → 25y: 6.64% (-1bp)
- → 50y: 6.43% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild curve shift — All key maturities fell by 1bp, except 50y and 40y which slipped 2bp; 3y was unchanged.
CONTEXT
- → UK data — Nationwide house prices rose 0.4% m/m (vs forecast -0.3%) and 3.0% y/y (vs 2.2% forecast); S&P Global Manufacturing PMI hit 53.7, a four-year high.
- → Market tone — News flow highlights resilience in UK housing and manufacturing, but also notes ongoing inflation and cost pressures linked to the Middle East conflict.
- → No single clear driver — Moves are minor; no dominant catalyst in today's inputs.
LOOK AHEAD
- → Today 15:00 — US ISM Manufacturing PMI (forecast: 53) may influence global rates sentiment.
- → Tomorrow — No high or medium-impact GBP releases scheduled.
A routine PM fix: rates a touch lower, with no single headline driver. Back to business as usual.
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 every PM notice were this straightforward.