PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:17 reset; moves remain modest.
PWLB fixed rates at the PM reset saw a uniform 1bp rise across most maturities, with the long end up 2bp; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 4.95% (+1bp)
- → 3y — 5.13% (+1bp)
- → 5y — 5.31% (+1bp)
- → 10y — 5.82% (+1bp)
- → 25y — 6.46% (+2bp)
- → 50y — 6.27% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest upward shift: All maturities moved up 1bp, with the 20y, 25y, 30y, 40y, and 50y points up 2bp.
- → Curve shape: The increase was consistent across the curve, with slightly larger moves at the long end.
CONTEXT
- → S&P Global Construction PMI (Jun): 38.4, below forecast (40), signals continued weakness in UK construction.
- → New Car Sales YoY (Jun): 11% (forecast: 2.80%), showing robust growth in registrations.
- → News flow highlights ongoing business investment concerns and construction sector job losses, but no single clear driver for today's modest upward move.
LOOK AHEAD
- → 15:00: USD ISM Services PMI (forecast: 54) — high-impact US data could influence global rates sentiment.
- → Tomorrow 07:00: GBP Halifax House Price Index MoM (forecast: 0.10%) and YoY (forecast: 0.30%) — medium importance for UK macro context.
A steady, slightly firmer PM reset—no fireworks, but worth noting the gentle upward drift at the long end.
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; rates still inching, not sprinting.