PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Minor downward shift at the long end, otherwise little changed across the curve.
PWLB fixed rates at the 12:13 PM reset show a quiet session, with most tenors unchanged and small (-1bp) moves at 5y, 7y, 15y, 20y, 40y, and 50y.
PWLB PM SNAPSHOT
- → 1y: 4.97% (unch)
- → 3y: 5.16% (unch)
- → 5y: 5.34% -1bp
- → 10y: 5.86% (unch)
- → 25y: 6.50% (unch)
- → 50y: 6.31% -1bp
WHAT'S NEW SINCE THIS MORNING
- → Long end softens — 40y and 50y both down (-1bp), mirroring a mild parallel move at 20y and 15y.
- → Belly edges lower — 5y and 7y also slip (-1bp), while 10y and 25y remain unchanged.
- → Front end static — 1y and 3y unchanged.
CONTEXT
- → Lloyds House Price Index (June) — MoM +0.20% (prev -0.20%), YoY +0.60% (prev +0.50%); a modest upside surprise versus forecast.
- → Gilt auction — 2033 tap cleared at 4.52% (prev 4.55%), suggesting steady demand.
- → BoE Financial Stability Report — Released, with commentary on easing capital rules and ongoing economic risks, but no immediate market impact evident.
- → No single clear driver in today's inputs.
LOOK AHEAD
Diary is light into tomorrow.
A subdued PM reset with only minor downward tweaks; nothing on the immediate calendar to suggest volatility ahead.
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 afternoons were this uneventful.