PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Minor upward moves at the very front end, but little change across the main curve at the PWLB PM reset.
PWLB fixed rates at the 12:32 PM reset show a steady curve, with only 1–2bp moves at the short end and unchanged levels from 7 years out.
PWLB PM SNAPSHOT
- → 1y — 5.16% (+2bp)
- → 3y — 5.38% (+2bp)
- → 5y — 5.54% (+1bp)
- → 10y — 6.01% (unch)
- → 25y — 6.60% (unch)
- → 50y — 6.39% (unch)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK PMIs — May flash services PMI fell sharply to 47.9 (forecast 51.7), while manufacturing held at 53.7; composite PMI dropped to 48.5, below expectations.
- → Gilt auction — 2036 Gilt auction cleared at 5.03%, up from 4.61% previously.
- → Newsflow — Headlines remain dominated by global growth concerns, Middle East tensions, and energy market volatility, but no single clear driver for today's minor moves.
LOOK AHEAD
- → Today 14:00 — BoE Taylor speech (LOW impact expected).
- → Tomorrow 00:01 — GfK Consumer Confidence (forecast: -28).
- → Tomorrow 07:00 — UK Retail Sales MoM (forecast: -0.60%).
Curve remains steady into the close, with the market awaiting tomorrow's confidence and retail data for the next steer.
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 forecast were as predictable as today's PWLB curve.