PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates reset lower by 2–3bp across the curve at the 12:22 PM fix; moves are modest and broad-based.
PWLB rates at the PM reset are down 2–3bp across all key maturities; little changed in overall market direction.
PWLB PM SNAPSHOT
- → 1y: 5.24% — (-2bp)
- → 3y: 5.43% — (-2bp)
- → 5y: 5.58% — (-2bp)
- → 10y: 6.06% — (-2bp)
- → 25y: 6.65% — (-3bp)
- → 50y: 6.44% — (-3bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve shift — All key tenors reset 2–3bp lower versus the previous notice, with the largest moves at the long end (25y, 50y: -3bp).
CONTEXT
- → UK GDP — Q1 growth beat expectations at +0.6% QoQ and +1.1% YoY, with March GDP at +0.3% MoM (vs forecast -0.2%), supporting a firmer economic backdrop.
- → Manufacturing — March manufacturing output rose 1.2% MoM (vs forecast -0.2%), offsetting weaker industrial production (-0.2% MoM).
- → Political backdrop — Ongoing UK political uncertainty and warnings over bond market volatility remain in focus, but no single clear driver for today's modest rate move.
LOOK AHEAD
- → Today 13:30 — USD Retail Sales MoM (forecast: +0.5%) may influence broader risk sentiment.
- → Nothing material due for GBP until Tuesday — No further high/medium-impact UK data scheduled for the remainder of today or tomorrow.
A routine PM reset: rates are a touch lower, with no single dominant catalyst—just a modest drift as markets digest firmer UK data and ongoing political noise.
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 rest of the world reset as predictably as PWLB rates.