PWLB briefing
Morning Rate Update
PWLB rates are little changed after the 09:12 AM reset, with moves of just 1–2bp across most maturities and the curve holding steady.
NOTICE SUMMARY — PWLB fixed rates are broadly unchanged this morning, with only minor 1–2bp adjustments and no material shift in curve shape.
PWLB Curve Hits the Snooze Button: Minor Moves, No Surprises
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.20% | +2bp |
| 3y | 5.34% | +1bp |
| 5y | 5.48% | +1bp |
| 10y | 5.95% | unch |
| 25y | 6.55% | -1bp |
| 50y | 6.35% | -1bp |
Curve is essentially unchanged, with only marginal moves at the short and long ends.
Movements are negligible across the curve.
Context
- → Halifax House Price Index (Apr): YoY actual 0.40% (forecast 0.60%, prev 0.80%), MoM actual -0.10% (forecast -0.10%, prev -0.50%). Slightly below expectations, but not a major surprise for gilts.
- → News flow is light for UK rates: Headlines focus on house prices and Middle East conflict, but no direct impact on gilts evident this morning.
Calendar Events
Today's Releases
- → Halifax House Price Index YoY (Apr): 0.40% actual vs 0.60% forecast (prev 0.80%). Slightly softer than expected, limited market impact.
- → Halifax House Price Index MoM (Apr): -0.10% actual vs -0.10% forecast (prev -0.50%). In line with expectations.
Remaining Today
- → 13:30 USD Non Farm Payrolls: Forecast 62K (prev 178K)
- → 13:30 USD Unemployment Rate: Forecast 4.30% (prev 4.30%)
- → 15:00 USD Michigan Consumer Sentiment Prel: Forecast 49.5 (prev 49.8)
- → 10:00 GBP BBA Mortgage Rate: Forecast 6.70% (prev 6.60%)
Next 48 Hours
- → Mon 11 May 15:00: USD Existing Home Sales — Forecast: 4.05M
⚑ Treasurer's Note — PWLB rates have barely budged at the morning reset, with just 1–2bp moves and no meaningful change in curve shape. The market remains steady, with no immediate data or news pushing gilts in either direction. If you are considering a transaction, current levels reflect a stable backdrop ahead of US payrolls this afternoon.
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 when the only thing moving is the clock.