PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates saw minimal movement at the PM reset, with only a 1bp uptick at the short and very long ends.
PWLB rates at the 12:10 PM fix: little changed, with a 1bp rise at 1y, 2y, 3y, 5y, and 40y, and all other key tenors unchanged.
PWLB PM SNAPSHOT
- → 1y: 4.97% (+1bp)
- → 3y: 5.13% (+1bp)
- → 5y: 5.29% (+1bp)
- → 10y: 5.78% (unch)
- → 25y: 6.41% (unch)
- → 50y: 6.22% (unch)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK inflation held steady at 2.8% in May — Actual matched the previous month and came in below the 3.0% forecast, with core inflation at 2.6% (slightly below forecast).
- → News flow — Commentary highlights a muted inflation impact from the Iran conflict, with food price pressures easing and transport costs offsetting.
LOOK AHEAD
- → Today 13:30 — US Retail Sales MoM (forecast: +0.50%)
- → Today 19:00 — US Fed Interest Rate Decision (forecast: 3.75%)
- → Tomorrow 07:00 — UK Unemployment Rate (forecast: 5.0%)
- → Tomorrow 12:00 — BoE Interest Rate Decision (forecast: 3.75%)
A steady PM reset, with the market pausing ahead of major central bank decisions and UK labour data tomorrow.
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 you blinked, you missed it. On to the next fix.