PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Modest upward shift across the curve, with 1–3bp increases at all key maturities.
PWLB fixed rates at the 12:25 PM reset are up 1–3bp versus the previous notice; little changed in directional terms, but the curve is a touch higher throughout.
PWLB PM SNAPSHOT
- → 1y: 5.29% (+1bp)
- → 3y: 5.48% (+1bp)
- → 5y: 5.63% (+1bp)
- → 10y: 6.11% (+2bp)
- → 25y: 6.71% (+3bp)
- → 50y: 6.50% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward pressure — All key maturities are up 1–3bp, with the largest move at 25y (+3bp); the curve remains broadly parallel.
CONTEXT
- → No calendar releases yet — No UK or US data out so far today; the next scheduled event is US PPI at 13:30.
- → News flow — Market commentary continues to focus on the inflation impact of the Iran conflict, with UK inflation running above target and oil inventories falling at a record pace (IEA).
- → Political backdrop — UK political headlines remain noisy, but no single clear driver for today's modest upward move.
LOOK AHEAD
- → 13:30 today — US PPI MoM (HIGH): forecast 0.50%.
- → Tomorrow 07:00 — UK GDP Growth Rate YoY Prel (HIGH): forecast 0.80%.
- → Tomorrow 07:00 — UK GDP MoM (HIGH): forecast -0.20%.
- → Tomorrow 07:00 — UK Industrial Production MoM (MEDIUM): forecast -0.40%.
PWLB rates are a touch higher at the PM fix, with the market still watching inflation and geopolitical headlines 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 — If only the weather were as steady as the curve.