PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged lower by 1–2bp across most maturities at the 12:14 reset; little changed overall.
The 12:14 PWLB PM reset saw a minor downward adjustment, with most key tenors slipping by 1–2bp; overall, little changed.
PWLB PM SNAPSHOT
- → 1y — 5.14% (unch)
- → 3y — 5.34% (unch)
- → 5y — 5.49% (-1bp)
- → 10y — 5.95% (-1bp)
- → 25y — 6.55% (-1bp)
- → 50y — 6.34% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild softening across the curve — 1–2bp lower in the 5y, 10y, 25y, and 50y tenors, while the 1y and 3y remain unchanged.
CONTEXT
- → UK retail sales rebound — BRC Retail Sales Monitor YoY actual 3.40% (forecast 0.60%, previous -3.40%), indicating a notable improvement in consumer spending.
- → News flow steady — Broader market themes include ongoing volatility in global equities and commodities, but no single clear driver for today's modest gilt move.
LOOK AHEAD
- → 15:00 USD Existing Home Sales — Forecast 4.07M (previous 4.02M); may influence broader risk sentiment.
- → Tomorrow 13:30: USD inflation data — Core CPI MoM forecast 0.30%, headline CPI MoM forecast 0.50%; both closely watched by global rates markets.
- → Thursday 00:01: GBP RICS House Price Balance — Forecast -15% (previous -34%).
A quiet PM reset: minor curve softening, with no single headline driver. Steady as she goes 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 — If only all afternoons were this uneventful.