PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–3bp across the curve at the 12:35 reset; moves are minor and broad-based.
PWLB fixed rates at the 12:35 PM reset are modestly lower across all key maturities, with little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.20% (-3bp)
- → 3y: 5.42% (-2bp)
- → 5y: 5.59% (-2bp)
- → 10y: 6.06% (-1bp)
- → 25y: 6.65% (-1bp)
- → 50y: 6.46% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end leads — 1y down by -3bp, with 2–5y tenors following at -2bp.
- → Belly and long end — 10y, 25y, and 50y all slip by -1bp.
CONTEXT
- → UK data — BRC Retail Sales Monitor undershot at 1.7% YoY (vs 2.9% f/c), suggesting softer consumer activity.
- → Market backdrop — News flow dominated by Middle East tensions and oil price spikes, but no single clear driver for today's modest gilt rally.
LOOK AHEAD
- → Today 13:30 — US CPI (YoY f/c 3.8%, Core 2.8%) and Fed Chair Warsh testimony at 15:00 may influence global rates.
- → Tomorrow 01:00 — Chancellor Reeves Mansion House Speech (GBP, medium impact).
- → Tomorrow 13:30 — US PPI (MoM f/c -0.1%) and second round of Fed Chair Warsh testimony.
A gentle move lower for PWLB rates at the PM fix, with the front end leading; global event risk remains high into the US CPI and Fed testimony this afternoon.
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 might have missed it. Onward.