PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged 1bp lower across the short and medium tenors, with longer maturities flat to +1bp; overall, little changed.
PWLB fixed rates at the 12:24 PM reset saw minor downward moves at the front end and belly, with the long end unchanged or up just 1bp—little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.07% (-2bp)
- → 3y — 5.26% (-2bp)
- → 5y — 5.41% (-1bp)
- → 10y — 5.87% (-1bp)
- → 25y — 6.48% (+1bp)
- → 50y — 6.26% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1y and 3y both down (-2bp), 5y and 10y down (-1bp).
- → Long end — 25y and 50y both up (+1bp); 30y and 40y unchanged or +1bp.
CONTEXT
- → UK data — BRC Shop Price Inflation ticked up to 1.20% (vs 1.10% f/c), and CBI Distributive Trades improved to -46 (vs -60 f/c), but both are low/medium impact.
- → Market tone — News flow dominated by Middle East tensions and oil volatility, but no single clear driver for today's modest rate moves.
LOOK AHEAD
- → Tomorrow 10:00 — GBP Treasury Gilt 2033 Auction (LOW impact)
A muted PM reset: minor downward drift at the front, small uptick in the long end, with no major data or news to shift the dial.
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 every reset were this uneventful.