PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 2–3bp higher across the curve at the 12:24 reset; moves are modest and broadly parallel.
PWLB fixed rates at the 12:24 PM reset are up 2–3bp versus the previous notice, with little change in curve shape.
PWLB PM SNAPSHOT
- → 1y: 5.19% (+2bp)
- → 3y: 5.43% (+3bp)
- → 5y: 5.60% (+2bp)
- → 10y: 6.08% (+2bp)
- → 25y: 6.69% (+2bp)
- → 50y: 6.49% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Parallel upward shift — All key maturities rose by 2–3bp, with the 3y seeing the largest move (+3bp); the rest of the curve moved +2bp.
CONTEXT
- → Labour market data — UK unemployment held at 4.9% (in line with previous, just below forecast), while average earnings growth continued to cool (headline 4.3%, below forecast and prior).
- → Gilt auction — The 2029 gilt auction cleared at 4.46%, up 4bp from the previous auction.
- → Political/fiscal backdrop — News flow focused on the new Chancellor’s appointment and missed fiscal targets, but no single clear driver for today’s modest upward move.
LOOK AHEAD
- → Tomorrow 07:00 — UK inflation data (CPI YoY forecast 2.7%, prior 2.8%) is the next major scheduled event.
A modest upward reset, with the market now looking to tomorrow’s inflation print for the next catalyst.
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 the weather were as steady as the curve.