PWLB briefing
Morning Rate Update
PWLB rates have moved modestly lower across the curve at the AM reset, with reductions of 2–3bp at all key maturities.
NOTICE SUMMARY — PWLB fixed rates reset 2–3bp lower this morning, with no single data release or news item driving the move.
PWLB nudges down as markets mark time
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 4.94% | -3bp |
| 3y | 5.12% | -3bp |
| 5y | 5.30% | -3bp |
| 10y | 5.81% | -2bp |
| 25y | 6.44% | -3bp |
| 50y | 6.25% | -3bp |
Parallel move lower of 2–3bp across the curve; no material steepening or flattening.
Movements are negligible across the curve.
Context
- → S&P Global Construction PMI — Actual: 38.4 (Forecast: 40, Previous: 38.2). Slightly below expectations, but not a major market mover.
- → News flow — No significant UK macro or gilt-related headlines this morning; broader market commentary remains focused on global themes.
- → Market conditions — Moves appear technical, with no single data point or event driving direction.
Calendar Events
Today's Releases
- → S&P Global Construction PMI — Actual: 38.4 (Forecast: 40, Previous: 38.2). Below forecast, but not a significant driver for gilts.
Remaining Today
- → 15:00 USD ISM Services PMI — Forecast: 54
Next 48 Hours
- → Wednesday 10 Jul 19:00: USD FOMC Minutes — No forecast value
- → Thursday 11 Jul 07:00: EUR Balance of Trade — Forecast: data not available
- → Thursday 11 Jul 15:00: USD Existing Home Sales — Forecast: 4.2M
⚑ Treasurer's Note — PWLB rates have reset 2–3bp lower across all key maturities this morning, with no single data point driving the move. This is a modest, parallel move and keeps rates within recent ranges. If you are watching for a sharper shift, keep an eye on the next major US data and FOMC minutes later this week.
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.