PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1bp higher across most maturities this afternoon, with little change overall.
The 12:18 PM PWLB reset saw a uniform +1bp move across most of the curve, leaving the 10y, 12y, and 50y unchanged; little changed in practical terms.
PWLB PM SNAPSHOT
- → 1y: 4.97% (+1bp)
- → 3y: 5.15% (+1bp)
- → 5y: 5.33% (+1bp)
- → 10y: 5.83% (unch)
- → 25y: 6.47% (+1bp)
- → 50y: 6.28% (unch)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK PMI data — June S&P Global Services PMI final came in at 48.8 (vs 49.3 prior), confirming contraction in the sector.
- → Inflation expectations — DMP 1Y CPI expectations fell to 3.30% (vs 3.70% prior), while 3M output price expectations ticked up to 4.10%.
- → Market sentiment — News flow highlights ongoing caution around UK growth, with investors reportedly "unloved" at the long end of the gilt curve.
LOOK AHEAD
- → Today 16:00 — BoE Governor Bailey speaks (MEDIUM impact).
- → Monday 15:00 — US ISM Services PMI (HIGH impact, forecast 54).
A steady finish to the week, with no surprises at the PM reset and the market waiting for Bailey's remarks and US data on Monday.
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 every Friday could be this uneventful.