PWLB briefing
Morning Rate Update
PWLB rates saw modest upward moves at the AM reset, with 1–3bp increases across most maturities and the 1y and 2y tenors leading.
NOTICE SUMMARY — AM reset: modest upward shift in PWLB rates, front-end leading, no major macro driver evident.
PWLB edges up: modest gains, no fireworks
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.16% | +3bp |
| 3y | 5.31% | +2bp |
| 5y | 5.45% | +1bp |
| 10y | 5.94% | +1bp |
| 25y | 6.55% | unch |
| 50y | 6.35% | unch |
Mild parallel upward shift, with slightly more movement at the short end.
What Moved
- → Front-end led — 1y and 2y tenors up +3bp, with 3y up +2bp.
- → Long end steady — 25y and 50y unchanged.
- → Belly and 10y — 5y and 10y both up +1bp.
Context
- → S&P Global Construction PMI — Actual: 39.7 (Forecast: 45.7, Previous: 45.6). Significantly below expectations, but no immediate impact on rates evident.
- → News flow light — No major UK macro or gilt-specific headlines driving the move.
Calendar Events
Today's Releases
- → S&P Global Construction PMI — Actual: 39.7, well below forecast (45.7) and previous (45.6); signals further contraction in UK construction, but not moving gilts this morning.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
- → Fri 08 May 13:30: USD Non Farm Payrolls — Forecast: 60K
- → Fri 08 May 13:30: USD Unemployment Rate — Forecast: 4.30%
- → Fri 08 May 15:00: USD Michigan Consumer Sentiment Prel — Forecast: 49.5
⚑ Treasurer's Note — PWLB rates nudged higher at the morning fix, with the short end up 2–3bp and the rest of the curve little changed. No major news or data is driving the move, and the long end remains steady. If you are watching for a window, the next reset will reflect any further market shifts, but for now, conditions are stable.
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.