Afternoon Rate Update

PWLB fixed rates at the 12:46 PM reset show small declines of -1bp in most maturities, with the 5y, 7y, 12y, 25y, and 30y points unchanged.

PWLB PM SNAPSHOT

• → 1y — 5.12% (-1bp)
• → 3y — 5.35% (-1bp)
• → 5y — 5.53% (unch)
• → 10y — 6.00% (-1bp)
• → 25y — 6.61% (unch)
• → 50y — 6.41% (-1bp)

WHAT'S NEW SINCE THIS MORNING

• → Mild downward bias — Most points on the curve are down -1bp, with the 5y, 7y, 12y, 25y, and 30y maturities unchanged.
• → No sharp moves — All changes are within a narrow -1bp to unchanged range.

CONTEXT

• → UK GDP (May) — Posted +0.10% MoM, matching forecasts and reversing the prior month’s -0.10% decline.
• → Gilt auction — 2036 tap cleared at 5.04%, up from 4.86% previously.
• → News flow — Macro headlines dominated by geopolitical risk and energy market concerns, but no single clear driver for UK rates.

LOOK AHEAD

• → 13:00 GBP NIESR Monthly GDP Tracker — Forecast: 0.20% (previous: 0.50%).
• → 13:30 USD Retail Sales MoM — Forecast: 0.20% (previous: 0.90%).
• → Tomorrow 13:30 USD Housing Starts — Forecast: 1.31M (previous: 1.177M).
• → Tomorrow 13:30 USD Building Permits Prel — Forecast: 1.4M (previous: 1.41M).

A quiet PM reset—rates are drifting, but no fireworks. Stay alert for any late-day surprises from US data.

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 straightforward.