PWLB briefing
Morning Rate Update
PWLB rates are modestly lower across the curve at the AM reset, with moves of 1–3bp down led by the 5–12 year sector.
NOTICE SUMMARY — AM reset: PWLB rates down 1–3bp across all maturities, with the largest moves in the belly of the curve. No major data or news drivers evident.
PWLB nudges lower as curve drifts, news flow stays muted
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.11% | -1bp |
| 3y | 5.33% | -2bp |
| 5y | 5.50% | -3bp |
| 10y | 5.98% | -2bp |
| 25y | 6.59% | -2bp |
| 50y | 6.39% | -2bp |
Mild parallel shift lower across the curve, with the largest move at 5 years.
What Moved
- → Belly leads — 5y and 7–12y maturities down 2–3bp, slightly more than short and long ends.
- → Front and long ends — 1y, 10y, 25y, and 50y all down 1–2bp, showing broad but mild downward drift.
Context
- → No significant UK data released so far today — calendar is quiet ahead of next week's inflation and labour market prints.
- → News flow muted — no material UK macro or BoE headlines; global risk sentiment is soft but not driving gilts.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 13:30 USD Housing Starts — Forecast: 1.31M
- → 13:30 USD Building Permits Prel — Forecast: 1.4M
- → 15:00 USD Michigan Consumer Sentiment Prel — Forecast: 51
Next 48 Hours
- → Tuesday 2026-07-21 07:00: GBP Unemployment Rate — Forecast: 4.90%
- → Wednesday 2026-07-22 07:00: GBP Inflation Rate YoY — Forecast: 2.40%
⚑ Treasurer's Note — PWLB rates have eased 1–3bp at the AM reset, with the largest moves in the 5–12 year area. This is a mild parallel move lower, with no major news or data behind it. If you are watching for a sharper move, keep an eye on next week's inflation and labour market releases, as today's calendar offers little to shift the dial.
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 IT department.