PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:21 reset, with no sharp moves.
PWLB fixed rates at the 12:21 PM reset are modestly lower across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.25% (-1bp)
- → 3y: 5.46% (-2bp)
- → 5y: 5.64% (-2bp)
- → 10y: 6.10% (-1bp)
- → 25y: 6.69% (-1bp)
- → 50y: 6.47% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild parallel shift lower: All key maturities are down by 1–2bp, with the 3–7y area seeing the largest move (-2bp).
CONTEXT
- → UK data this morning was notably stronger than forecast: July GfK Consumer Confidence improved to -17 (vs -21 f/c), June retail sales rose 1.0% m/m (vs -0.3% f/c), and flash PMIs for both manufacturing (52.8) and services (51.8) beat expectations.
- → News flow highlights ongoing global volatility: oil above $100, new US tariffs on UK and others, and continued Middle East tensions, but no single clear driver for today's modest gilt rally.
LOOK AHEAD
Diary is light into tomorrow.
PWLB rates finish the week fractionally lower, with no major data or events left to shift sentiment before Monday.
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 gilts need a breather sometimes.