PWLB briefing
Morning Rate Update
PWLB rates are little changed at the AM reset, with moves of just +1 to +2bp at the short end and unchanged across most of the curve.
NOTICE SUMMARY — AM PWLB rates show minimal movement: +2bp at 1–3y, +1bp at 5y and 40y, unchanged elsewhere. No major data or news drivers evident.
PWLB curve barely stirs as markets await fresh direction
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.08% | +2bp |
| 3y | 5.25% | +2bp |
| 5y | 5.40% | +1bp |
| 10y | 5.87% | unch |
| 25y | 6.48% | unch |
| 50y | 6.27% | unch |
Curve shows a parallel move of +1 to +2bp at the short end; unchanged from 10y out.
Movements are negligible across the curve.
CONTEXT
- → No major UK data or news — This morning's calendar releases (mortgage lending, approvals, consumer credit, M4) are all medium or low impact and have not materially moved gilts.
- → News flow is light — No significant macro or market headlines affecting UK rates at this reset.
CALENDAR EVENTS
Today's Releases
- → GBP Mortgage Lending, Approvals, Consumer Credit, M4 — All released 09:30, medium/low impact, no material surprise or effect on gilt yields.
Remaining Today
- → 10:00 EUR Inflation Rate YoY Flash — Forecast: 3.40% (Previous: 3.0%)
- → 15:00 USD JOLTs Job Openings — Forecast: 6.8M (Previous: 6.866M)
Next 48 Hours
- → Wed 2026-06-03 15:00: USD ISM Services PMI — Forecast: 53.6
- → Fri 2026-06-05 13:30: USD Non Farm Payrolls — Forecast: 96K
- → Fri 2026-06-05 13:30: USD Unemployment Rate — Forecast: 4.30%
⚑ Treasurer's Note — PWLB rates are essentially static at the AM reset, with only +1 to +2bp at the short end and no movement further out. The market is marking time ahead of more significant data later in the week. If you are watching for a window, conditions remain calm for now.
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 — still here when the only thing moving is the clock.