PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 2–3bp across the curve at the 12:18 reset, with no sharp moves.
PWLB fixed rates at the 12:18 PM setting are modestly lower versus the previous notice, with little changed in market direction.
PWLB PM SNAPSHOT
- → 1y: 5.03% (-3bp)
- → 3y: 5.20% (-3bp)
- → 5y: 5.36% (-2bp)
- → 10y: 5.83% (-3bp)
- → 25y: 6.45% (-3bp)
- → 50y: 6.24% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve modestly lower — All reported maturities fell by 2–3bp, with the move consistent across short, medium, and long tenors.
CONTEXT
- → Eurozone inflation — French and Spanish inflation rates surprised to the upside, with the 10:00 EUR release at 3.20% (in line with forecast, but above previous 2.70%).
- → BoE commentary — Governor Bailey indicated the Bank may tolerate above-target inflation temporarily, citing economic softness and uncertainty.
- → Geopolitics — News of a tentative US-Iran ceasefire extension has eased market concerns, with oil prices falling and risk sentiment improving.
LOOK AHEAD
- → 13:00 EUR Inflation Rate YoY Prel — Forecast: 2.90% (previous: 2.90%); further eurozone inflation data may influence broader rates sentiment.
- → No major UK data due this afternoon — Calendar is otherwise quiet for GBP releases.
A gentle drift lower at the PM reset, with the market still watching inflation prints and geopolitics for direction.
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 all resets were this straightforward.