PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates at the 12:30 reset are broadly steady, with minor moves of ±1bp across the curve.
PWLB's 12:30 PM rates show little changed: a mix of unchanged and ±1bp adjustments across all key maturities.
PWLB PM SNAPSHOT
- → 1y: 5.14% (-1bp)
- → 3y: 5.33% (unch)
- → 5y: 5.48% (+1bp)
- → 10y: 5.94% (+1bp)
- → 25y: 6.54% (+1bp)
- → 50y: 6.33% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end softens — 1y down by -1bp, while 3y is unchanged.
- → Mild upward tilt from 5y out — 5y, 10y, 25y, and 50y all edge up by +1bp.
CONTEXT
- → UK PMIs — S&P Global Composite PMI Final (49.7) and Services PMI Final (49.3) both came in above forecast but below previous, indicating contraction but less severe than expected.
- → Gilt auction — Index-linked Gilt 2035 auction cleared at 1.51%, slightly above the previous 1.46%.
- → News flow — Geopolitical tensions and tariff headlines remain prominent, but no single clear driver for today's modest rate moves.
LOOK AHEAD
- → Today 15:00 — USD ISM Services PMI (forecast: 53.8) could influence global risk sentiment.
- → Tomorrow 09:30 — GBP S&P Global Construction PMI (forecast: 40.4).
- → Tomorrow 16:40 — BoE Governor Bailey speaks.
A steady PM fix: minor curve tweaks, no fireworks. Eyes on US data and Bailey's remarks for the next catalyst.
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 afternoons were this uneventful.