PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates are little changed at the PM reset, with only minor 1bp moves at the 1y and 10y points.
PWLB fixed rates at the 12:31 PM reset show a very quiet session, with the curve essentially flat and only a 1bp uptick at the short and 10-year maturities.
PWLB PM SNAPSHOT
- → 1y — 5.18% (+1bp)
- → 3y — 5.37% (unch)
- → 5y — 5.54% (unch)
- → 10y — 6.01% (+1bp)
- → 25y — 6.61% (unch)
- → 50y — 6.39% (unch)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → Gilt auctions — 2028 tender came at 4.09% (up 10bp from previous), 2040 tender at 5.33%.
- → Inflation — BRC Shop Price Inflation slowed to 0.90% (vs forecast/previous 1.20%), indicating some easing in retail price pressures.
- → Market backdrop — Oil prices have fallen sharply for a third day, and news flow highlights global equity volatility, but no single clear driver for gilts or PWLB rates emerges from today's inputs.
LOOK AHEAD
- → Tomorrow 09:30 — GBP Mortgage Approvals (forecast: 56.5K).
- → Tomorrow 19:00 — USD Fed Interest Rate Decision (forecast: 3.75%).
- → Tomorrow 19:30 — USD Fed Press Conference.
A very quiet PM reset—markets are holding their breath ahead of tomorrow's central bank action.
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 afternoons were this uneventful.