PWLB briefing
Morning Rate Update
PWLB rates reset higher across the curve this morning, with moves of +3 to +5bp concentrated in short and medium maturities.
⚠ RATE ALERT — PWLB AM rates rose by 2–5bp across all maturities at the 09:11 reset, with the largest moves at the front end; no single news driver stands out.
PWLB rates edge up 2–5bp across the curve as markets digest geopolitical tension
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.17% | +5bp |
| 3y | 5.39% | +5bp |
| 5y | 5.55% | +4bp |
| 10y | 6.01% | +3bp |
| 25y | 6.61% | +2bp |
| 50y | 6.42% | +3bp |
Mild parallel shift higher, with slightly larger moves at the short end.
What Moved
- → Front end leads — 1y and 3y rates rose +5bp, outpacing the long end.
- → Curve broadly parallel — Moves of +2 to +5bp across all tenors, with no sharp steepening or flattening.
Context
- → No UK data released yet — The economic calendar is clear of high or medium impact UK releases so far this morning.
- → Geopolitical tensions remain elevated — News flow highlights continued US-Iran hostilities and oil above $90, but no direct UK macro driver is evident.
- → No major domestic headlines — UK political news is active, but nothing directly impacting gilt yields this session.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
- → Tue 2026-07-21 07:00: GBP Unemployment Rate — Forecast: 4.90%
- → Wed 2026-07-22 07:00: GBP Inflation Rate YoY — Forecast: 2.70%
⚑ Treasurer's Note — This morning’s PWLB reset delivered a clear +2 to +5bp rise across all maturities, with the front end moving most. If you were waiting for a dip, you’ll have to keep waiting—no sign of relief at this reset. The move is broad-based, not driven by any single UK data point, and comes ahead of a busy week for labour and inflation releases. Monitor the next reset closely if you have near-term funding needs.
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’s budget spreadsheet.