PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates reset lower by 2–3bp across the curve at 12:11, with a modest parallel move down.
PWLB fixed rates at the 12:11 PM reset are down 2–3bp across all key maturities; little changed in curve shape.
PWLB PM SNAPSHOT
- → 1y — 4.99% (-2bp)
- → 3y — 5.15% (-2bp)
- → 5y — 5.31% (-3bp)
- → 10y — 5.81% (-3bp)
- → 25y — 6.44% (-3bp)
- → 50y — 6.25% (-3bp)
WHAT'S NEW SINCE THIS MORNING
- → Parallel move — All key tenors down 2–3bp, with the 5y and longer maturities at the lower end of the range.
- → Curve shape — No material change in curve slope; the move is uniform across the front end and long end.
CONTEXT
- → Gilt auction result — This morning’s 2036 gilt auction cleared at 4.86%, down from 5.03% previously, indicating a modest drop in yields.
- → Market tone — News flow highlights easing geopolitical risk with the US-Iran peace deal, lower oil prices, and firmer gold; no single clear driver dominates.
LOOK AHEAD
- → Today 13:30 — USD Building Permits Prel (HIGH): forecast 1.42M.
- → Tomorrow 07:00 — GBP Inflation Rate YoY (HIGH): forecast 3.0%.
- → Tomorrow 07:00 — GBP Core Inflation Rate YoY (MEDIUM): forecast 2.70%.
A modest parallel move lower for PWLB rates this afternoon, with markets awaiting tomorrow’s UK inflation data for the next steer.
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’s curve was this well-behaved.