PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp lower across the curve at the 12:22 reset; little changed.
PWLB fixed rates at the 12:22 PM reset are down 1–2bp versus the previous notice, with no significant directional shift.
PWLB PM SNAPSHOT
- → 1y — 5.25% (-2bp)
- → 3y — 5.47% (-2bp)
- → 5y — 5.64% (-2bp)
- → 10y — 6.10% (-2bp)
- → 25y — 6.70% (-1bp)
- → 50y — 6.49% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild parallel shift — 1–2bp lower across all key maturities, with the smallest move at 25y (-1bp).
CONTEXT
- → UK data — CBI Business Optimism Index (-36, above forecast) and CBI Industrial Trends Orders (-45, in line) both released this morning, showing some improvement but still negative.
- → Gilt auction — 2063 Gilt tender cleared at 5.72%.
- → Market backdrop — News flow dominated by oil price volatility and ongoing Middle East tensions, but no single clear driver for today's modest move.
LOOK AHEAD
- → ECB decision (13:15, EUR) — Forecast unchanged at 2.40%; may influence broader rates sentiment.
- → Tomorrow 00:01 — UK GfK Consumer Confidence (forecast: -21).
- → Tomorrow 07:00 — UK Retail Sales MoM (forecast: -0.30%).
- → Tomorrow 09:30 — UK S&P Global Manufacturing PMI Flash (forecast: 52).
A quiet PM reset—rates a touch lower, with no single narrative dominating. Stay alert for tomorrow's UK data and any ECB aftershocks.
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 resets were this uneventful.