PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp lower across the curve at the 12:28 reset; moves remain modest given recent volatility.
PWLB fixed rates at the 12:28 PM set are down 1–2bp across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.32% (-2bp)
- → 3y: 5.50% (-2bp)
- → 5y: 5.65% (-1bp)
- → 10y: 6.12% (-1bp)
- → 25y: 6.71% (-1bp)
- → 50y: 6.51% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild curve shift — All key maturities are 1–2bp lower versus the previous notice, with the front end and long end both seeing -2bp.
- → No sharp moves — No part of the curve moved more than 2bp at this reset.
CONTEXT
- → Gilt auction — The 2031 gilt auction cleared at 4.65%, up from 4.23% previously, reflecting recent upward pressure on yields.
- → Political uncertainty — News flow remains dominated by UK political turmoil, with multiple sources citing surging borrowing costs and 30-year gilt yields at multi-decade highs amid leadership speculation.
- → Oil and inflation — Ongoing Middle East tensions and higher oil prices are widely reported as sustaining inflation risks and market volatility.
LOOK AHEAD
- → Today 18:30 — BoE Woods speech (LOW impact).
- → Tomorrow 13:30 — US PPI MoM (HIGH, forecast 0.50%) may influence global rates.
- → Tomorrow 15:00 — BoE L Mann speech (LOW impact).
PWLB rates have edged down slightly, but the backdrop remains volatile and politically charged. Stay alert for further moves as events unfold.
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 you’re reading this, you’re already ahead of the curve.