PWLB briefing
Morning Rate Update
PWLB rates are little changed after the 09:36 AM reset, with only a 1bp uptick at the long end and the rest of the curve holding steady.
NOTICE SUMMARY — PWLB fixed rates are broadly unchanged this morning, with a marginal 1bp rise in 25y, 30y, 40y, and 50y tenors; no material movement elsewhere.
PWLB: Flat as a pancake, with a sprinkle of long-end drift
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.14% | unch |
| 3y | 5.33% | unch |
| 5y | 5.48% | unch |
| 10y | 5.94% | unch |
| 25y | 6.55% | +1bp |
| 50y | 6.34% | +1bp |
Curve is essentially flat, with a minimal parallel shift at the long end (+1bp).
Movements are negligible across the curve.
Context
- → S&P Global Construction PMI — Actual: 38.2 (Forecast: 40.2, Previous: 39.7). Below expectations, indicating continued weakness in the construction sector.
- → New Car Sales YoY — Actual: 7.10% (Forecast: 3.70%, Previous: 24%). Above forecast, but decelerating from last month.
- → News flow — No material UK macro or gilt-specific headlines this morning.
Calendar Events
Today's Releases
- → S&P Global Construction PMI — 38.2 (Forecast: 40.2, Previous: 39.7). Below forecast; not a direct driver for gilts but signals ongoing sector softness.
- → New Car Sales YoY — 7.10% (Forecast: 3.70%, Previous: 24%). Above forecast, but pace slowing.
Remaining Today
- → 16:40 — BoE Gov Bailey Speech (MEDIUM)
Next 48 Hours
- → Fri 2026-06-05 13:30: USD Unemployment Rate — Forecast: 4.30%
- → Fri 2026-06-05 13:30: USD Non Farm Payrolls — Forecast: 85K
⚑ Treasurer's Note — PWLB rates have barely budged this morning, with only a token 1bp rise at the long end. The curve remains stable, and there is no immediate macro driver in play. Unless the BoE Governor's speech later today delivers a surprise, expect little change until the next reset. As ever, keep an eye on the window between resets for any live gilt market movement.
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 after more resets than a council laptop.