PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged 1–2bp higher across the curve at the 12:35 reset; moves remain modest.
PWLB fixed rates at the 12:35 PM set are up 1–2bp from earlier, with little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.15% (+1bp)
- → 3y: 5.34% (+1bp)
- → 5y: 5.49% (+1bp)
- → 10y: 5.95% (+1bp)
- → 25y: 6.56% (+1bp)
- → 50y: 6.35% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest upward shift of 1–2bp across all key maturities; no pronounced curve move.
CONTEXT
- → S&P Global Construction PMI came in weaker than forecast at 38.2 (vs 40.2), marking the lowest non-pandemic reading since March 2009.
- → UK new car sales rose 7.1% YoY in May, beating expectations.
- → News flow highlights a mixed economic picture: construction under pressure, but consumer sectors showing resilience.
LOOK AHEAD
- → 16:40 today: BoE Governor Bailey speech (MEDIUM impact).
- → Tomorrow 07:00: Halifax House Price Index YoY (forecast 1.0%) and MoM (forecast 0.10%).
- → Tomorrow 13:30: US Non-Farm Payrolls and Unemployment Rate (both HIGH impact; NFP forecast 85K).
A steady session for PWLB rates, with only minor upward movement and no single dominant driver emerging from today's data.
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 construction output were as resilient as the new car market.