PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Minor downward shift across most maturities; overall, little changed.
PWLB fixed rates at the 12:31 PM reset show a modest 1bp fall across most tenors, with the curve broadly steady and no significant moves.
PWLB PM SNAPSHOT
- → 1y — 4.97% (unch)
- → 3y — 5.12% (-1bp)
- → 5y — 5.28% (-1bp)
- → 10y — 5.76% (-1bp)
- → 25y — 6.39% (unch)
- → 50y — 6.20% (unch)
WHAT'S NEW SINCE THIS MORNING
- → Mild downward drift — Most tenors nudged down by 1bp, with the 1y, 20y, 25y, and 50y points unchanged.
CONTEXT
- → UK mortgage approvals — Latest data showed a drop to 56.2K (forecast: 62.9K; previous: 66K), suggesting some cooling in housing activity.
- → BoE Pill speech — The Bank of England’s chief economist warned against complacency on inflation, but no new policy signals emerged.
- → No single clear driver — News flow is busy but lacks a dominant theme for gilts or PWLB rates today.
LOOK AHEAD
- → Tomorrow 00:01 — BRC Shop Price Inflation (forecast: 1.30%)
- → Tomorrow 07:00 — Nationwide Housing Prices MoM (forecast: 0.0%), YoY (forecast: 2.20%)
Curve remains steady; no surprises from the PM fix. Stay sharp as the week’s data unfolds.
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 only all Mondays were this uneventful.