PWLB briefing
Morning Rate Update
PWLB rates reset this morning with a modest parallel move higher across the curve, adding 2–3bp at all key maturities.
NOTICE SUMMARY — PWLB AM rates rose 2–3bp across all maturities at the 09:14 reset, with no single data point driving the move.
PWLB edges up: 2–3bp rise greets a quiet morning
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.16% | +2bp |
| 3y | 5.36% | +3bp |
| 5y | 5.51% | +3bp |
| 10y | 5.97% | +3bp |
| 25y | 6.57% | +2bp |
| 50y | 6.36% | +2bp |
Mild parallel shift higher: +2–3bp across the curve, no material steepening or flattening.
What moved
- → Parallel move — All key tenors rose 2–3bp, with no single maturity standing out.
- → No curve distortion — The move was uniform, leaving the overall curve shape intact.
Context
- → RICS House Price Balance — Actual: -35% (Forecast: -31%, Previous: -35%). No surprise for markets; impact negligible.
- → News flow light — No major UK macro or gilt-specific headlines this morning.
Calendar Events
Today's Releases
- → RICS House Price Balance — Actual: -35% (Forecast: -31%, Previous: -35%). No surprise; market impact minimal.
Remaining Today
- → 13:15 EUR ECB Interest Rate Decision — Forecast: 2.40%
- → 13:15 EUR Deposit Facility Rate — Forecast: 2.25%
- → 13:30 USD PPI MoM — Forecast: 0.70%
Next 48 Hours
- → Fri 12 Jun 07:00: GBP GDP MoM — Forecast: -0.10%
- → Fri 12 Jun 15:00: USD Michigan Consumer Sentiment Prel — Forecast: 46
⚑ Treasurer's Note — PWLB rates nudged up 2–3bp at this morning’s reset, with no single data or news driver in play. The move is modest and uniform across the curve, so no particular tenor stands out for opportunity or risk. Eyes now turn to the ECB decision and US data later today, but for now, conditions remain orderly.
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 when the only thing flatter than the curve is the coffee.