PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged 1bp higher at most short and long maturities; the curve remains broadly steady.
The 12:23 PWLB PM reset shows a very quiet session, with 1bp upward moves at the short and long ends, and little change elsewhere.
PWLB PM SNAPSHOT
- → 1y: 5.14% (+1bp)
- → 3y: 5.33% (+1bp)
- → 5y: 5.48% (unch)
- → 10y: 5.94% (unch)
- → 25y: 6.55% (+1bp)
- → 50y: 6.34% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest +1bp moves at the 1y, 3y, 25y, and 50y points; 5y and 10y unchanged.
- → The curve remains flat overall, with no material steepening or flattening.
CONTEXT
- → No UK data releases so far today; markets are steady ahead of US CPI this afternoon.
- → News flow highlights ongoing global market caution, with attention on US inflation and Middle East tensions, but no single clear driver for gilts.
LOOK AHEAD
- → 13:30 today: US CPI (YoY forecast 4.2%, MoM 0.5%)—high impact for global rates.
- → Tomorrow 00:01: UK RICS House Price Balance (forecast -31%).
- → Tomorrow 13:15: ECB rate decision (forecast 2.40%) and press conference.
PWLB rates remain stable, with only minor upward tweaks; all eyes now turn to US inflation data for the next directional cue.
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 every day were this uneventful.