PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1bp across most maturities at the 12:23 reset; moves remain very limited.
PWLB fixed rates at the PM reset are down by 1bp across nearly the entire curve—little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.00% (-1bp)
- → 3y: 5.18% (unch)
- → 5y: 5.33% (-1bp)
- → 10y: 5.81% (-1bp)
- → 25y: 6.42% (-1bp)
- → 50y: 6.24% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Small, uniform 1bp decline across most of the curve; 3y unchanged.
CONTEXT
- → UK Services PMI (flash) fell to 48.7 (forecast: 50.5), a 41-month low, indicating contraction in the sector.
- → UK Composite PMI (flash) also missed, at 49.4 (forecast: 50.6), reinforcing signs of softer activity.
- → CBI Industrial Trends Orders came in weaker than expected at -45 (forecast: -35).
- → News flow highlights ongoing political uncertainty and weaker UK economic data as background.
LOOK AHEAD
- → 14:55: BoE Taylor Speech (LOW)
- → 18:30: BoE Dhingra Speech (LOW)
- → Tomorrow 10:00: Treasury Gilt 2031 Auction (LOW) (Previous: 4.65%)
- → Tomorrow 09:00: EUR Ifo Business Climate (HIGH) – Forecast: 85.6
A subdued session for PWLB rates, with the curve drifting fractionally lower as UK data continues to underwhelm.
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 — Even the curve needs a quiet afternoon now and then.