PWLB briefing
Morning Rate Update
A modest downward move across the PWLB curve at the AM reset, with 2–4bp declines seen at all key maturities.
NOTICE SUMMARY — PWLB rates reset 2–4bp lower across the curve at the 09:08 AM fix, with no single data release driving the move.
PWLB rates edge down as markets digest a quiet morning
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 4.98% | -2bp |
| 3y | 5.15% | -3bp |
| 5y | 5.31% | -2bp |
| 10y | 5.77% | -4bp |
| 25y | 6.39% | -3bp |
| 50y | 6.21% | -3bp |
Parallel move lower across the curve, with no notable steepening or flattening.
What Moved
- → Curve shift — All key maturities moved 2–4bp lower, with the 10y down 4bp and the rest down 2–3bp.
- → No divergence — No material difference between short and long ends; the move is broadly parallel.
Context
- → No major UK data released this morning — The calendar has been quiet so far, with no new figures to drive rates.
- → News flow light for gilts — Headlines are dominated by political speculation and global tech volatility, but nothing directly impacting UK rates.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 10:00: GBP Treasury Gilt 2031 Auction — Previous: 4.65%
Next 48 Hours
- → Thu 2026-06-25 07:00: EUR GfK Consumer Confidence — Forecast: -27.5
- → Thu 2026-06-25 13:30: USD GDP Growth Rate QoQ Final — Forecast: 1.60%
- → Thu 2026-06-25 13:30: USD Durable Goods Orders MoM — Forecast: -4.30%
- → Thu 2026-06-25 13:30: USD Core PCE Price Index MoM — Forecast: 0.30%
⚑ Treasurer's Note — The AM PWLB reset delivered a 2–4bp drop across all key maturities, with no single data point or news headline behind the move. The curve is moving modestly lower, so the window for locking in rates is slightly improved versus yesterday's close. Keep an eye on the 10:00 gilt auction for any signs of market appetite, but for now, conditions remain calm and directionally supportive.
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 — still here after more resets than a council laptop.