PWLB briefing
Afternoon Rate Update
⚠ RATE ALERT — PWLB fixed rates rose 1–3bp across the curve at the PM reset, with the largest moves in the 5–50 year tenors, as UK borrowing costs continue to edge higher.
PWLB PM rates set at 12:15 show a further 1–3bp rise across all key maturities; the upward drift continues, with no sign of a pause.
PWLB PM SNAPSHOT
- → 1y — 5.06% (+1bp)
- → 3y — 5.24% (+2bp)
- → 5y — 5.40% (+3bp)
- → 10y — 5.87% (+3bp)
- → 25y — 6.48% (+2bp)
- → 50y — 6.30% (+3bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve shift — All key maturities rose, with the 5y, 10y, and 50y up by +3bp, and other points up 1–2bp; the move is broad-based, not isolated to any single segment.
CONTEXT
- → UK retail sales — May retail sales surprised to the upside at +1.2% MoM (forecast: +0.5%), with YoY at +3.2%, suggesting resilient consumer demand.
- → Fiscal backdrop — News flow highlights a sharp rise in UK government borrowing in May, with debt interest costs and political uncertainty (Burnham’s by-election win) in focus.
- → Global rates — US Fed’s hawkish tone and firm US dollar continue to underpin higher global yields.
LOOK AHEAD
Diary is light into tomorrow.
Rates are grinding higher across the curve, with no immediate data due to interrupt the trend before next week’s PMI releases.
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 another 3bp. Stay sharp out there.