PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across most maturities at the 12:30 reset, with no sharp moves.
The 12:30 PWLB PM reset saw a modest downward shift across the curve; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.08% (unch)
- → 3y: 5.25% (unch)
- → 5y: 5.39% (-1bp)
- → 10y: 5.86% (-1bp)
- → 25y: 6.47% (-1bp)
- → 50y: 6.25% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild curve shift — 1y and 3y unchanged, while 5y to 50y maturities slipped by 1–2bp, with the largest moves at the long end.
CONTEXT
- → UK data — April mortgage approvals rose to a 15-month high (65,900 vs 63,100 average), but other UK credit and money supply releases were low/medium impact.
- → Broader backdrop — News flow highlights easing UK rate hike fears after a dovish BoE speech and revived hopes for Middle East de-escalation, with government borrowing costs noted as falling.
- → Eurozone inflation — May flash CPI rose to 3.2% y/y (from 3.0%), driven by energy, but no direct UK impact evident.
LOOK AHEAD
- → Today 15:00 — US JOLTs Job Openings (HIGH), forecast 6.8M.
- → Tomorrow 09:30 — UK S&P Global Composite PMI Final (LOW), forecast 48.5; Services PMI Final (LOW), forecast 47.9.
A quiet PM reset, with only minor downward moves and no single dominant driver in play.
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 — Even the gilts need a breather now and then.