PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across nearly all maturities at the 12:30 reset; moves remain very modest.
PWLB fixed rates at the 12:30 PM setting saw a uniform +1bp move across most of the curve, with the 20y unchanged; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 4.97% (+1bp)
- → 3y — 5.12% (+1bp)
- → 5y — 5.27% (+1bp)
- → 10y — 5.75% (+1bp)
- → 25y — 6.37% (+1bp)
- → 50y — 6.18% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve-wide — +1bp across all key maturities except 20y, which is unchanged.
- → Long end — 25y and 50y both +1bp; 40y and 30y also +1bp, 20y flat.
CONTEXT
- → UK Q1 GDP (final) — Confirmed at +0.6% QoQ (in line with forecast), YoY at +0.9% (slightly below forecast).
- → UK business investment — Q1 YoY fell -1.3% (less negative than forecast), QoQ rebounded +0.9%.
- → Eurozone inflation — French and wider Eurozone inflation both eased, with French YoY at 1.8% (below forecast).
- → No single clear driver — Moves are minor and not clearly linked to any one data point.
LOOK AHEAD
- → Today 13:00 — EUR inflation rate YoY prelim (forecast 2.6%)
- → Tomorrow 09:30 — GBP S&P Global Manufacturing PMI final (forecast 53.1)
- → Tomorrow 14:00 — GBP BoE Governor Bailey speech (medium impact)
A quiet PM reset—rates are a touch higher, but nothing to change the mood in the treasury office.
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 it. See you at the next reset.