PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates at the 12:15 reset are almost unchanged, with only a 1bp move in the 3-year and a 1bp drop in the 50-year.
The PWLB PM fix shows little changed: the curve is flat across most maturities, with a minor +1bp in the 3-year and -1bp in the 50-year.
PWLB PM SNAPSHOT
- → 1y — 5.19% (unch)
- → 3y — 5.44% (+1bp)
- → 5y — 5.61% (unch)
- → 10y — 6.08% (unch)
- → 25y — 6.69% (unch)
- → 50y — 6.48% (-1bp)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK inflation — June CPI came in at 2.6% y/y (vs forecast 2.7%, prior 2.8%), with core CPI steady at 2.6%. PPI input and output readings were mixed but generally softer.
- → Market news — News flow highlights falling UK inflation, but also notes rising oil prices and ongoing geopolitical risks in the Middle East.
LOOK AHEAD
- → Thu 11:00 — CBI Business Optimism Index (forecast: -40) and CBI Industrial Trends Orders (forecast: -40)
- → Thu 13:15 — ECB interest rate decision (forecast: 2.40%)
A quiet reset—gilts and PWLB both treading water as the market digests softer UK inflation and keeps an eye on oil.
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 — Even the curve needs a breather now and then.