Afternoon Rate Update

PWLB fixed rates at the 12:10 PM reset on 18 June 2026 moved 1–3bp higher across all key maturities; little changed in directional terms, but the curve is a touch steeper.

PWLB PM SNAPSHOT

• → 1y: 5.05% (+3bp)
• → 3y: 5.20% (+3bp)
• → 5y: 5.35% (+3bp)
• → 10y: 5.81% (+2bp)
• → 25y: 6.42% (+1bp)
• → 50y: 6.23% (+2bp)

WHAT'S NEW SINCE THIS MORNING

• → Front end leads — 1y, 2y, 3y, and 5y all rose +3bp, with the 10y up +2bp and longer tenors up 1–2bp.
• → Curve slightly steeper — The move was marginally larger at the short end, flattening out beyond 10y.

CONTEXT

• → Bank of England holds rates — MPC left Bank Rate at 3.75% (7-2 vote), as expected; two members voted for a hike, but majority cited ongoing inflation uncertainty.
• → UK labour market data — Unemployment fell to 4.9% (vs 5.0% forecast), and wage growth slowed to 3.4% ex-bonus, its lowest in five years.
• → No single clear driver — Moves are modest and broadly in line with the day’s macro releases and central bank tone.

LOOK AHEAD

• → Tomorrow 00:01 — GfK Consumer Confidence (forecast: -24)
• → Tomorrow 07:00 — Retail Sales MoM (forecast: +0.50%), Retail Sales YoY (forecast: +1.90%)

A mild upward nudge for PWLB rates this afternoon, with the curve a touch steeper and no single dominant catalyst in play.

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 probably missed it. See you at the next reset.