PWLB briefing
Morning Rate Update
PWLB rates have dropped sharply across the curve at the AM reset, with 5–7bp falls from short to ultra-long maturities.
⚠ RATE ALERT — AM PWLB rates reset 5–7bp lower across all maturities, led by easing oil prices and improved risk sentiment.
PWLB curve slides as oil and risk tensions ease — 5–7bp drop across maturities
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.18% | -7bp |
| 3y | 5.39% | -7bp |
| 5y | 5.57% | -7bp |
| 10y | 6.04% | -6bp |
| 25y | 6.64% | -5bp |
| 50y | 6.42% | -5bp |
Parallel shift lower: 5–7bp falls across the curve, with the front end leading.
What Moved
- → Front-end and belly — 1y to 7y tenors fell 6–7bp, leading the move.
- → Long end — 25y and 50y rates dropped 5bp, mirroring the parallel shift.
Context
- → Oil prices have tumbled — Multiple sources confirm a sharp drop in crude as US-Iran tensions ease, removing a key inflation risk and supporting lower yields.
- → Risk sentiment improved — European equities opened higher and safe-haven demand faded as Middle East supply fears receded.
- → No major UK data released yet — Calendar is quiet so far this morning.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
- → Thu 30 Jul (time TBC): Bank of England Rate Decision — Forecast: Hold
⚑ Treasurer's Note — The PWLB curve has reset 5–7bp lower this morning, with the front end leading the drop. This is a notable parallel move, driven by sharply lower oil prices and improved risk appetite. If you are monitoring for a window, this is the largest single-session fall in recent weeks. Next reset will depend on whether these risk-on conditions persist.
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 laptop.