PWLB briefing
Morning Rate Update
PWLB rates have edged down by 1–3bp across the curve at the AM reset, with the largest moves in the 10–12 year area.
NOTICE SUMMARY — AM PWLB rates are 1–3bp lower across all maturities, with the 10–12y sector leading the move. No major data or news drivers evident.
PWLB nudges lower: curve softens, but no fireworks
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.17% | -1bp |
| 3y | 5.37% | -2bp |
| 5y | 5.54% | -2bp |
| 10y | 6.00% | -3bp |
| 25y | 6.61% | -2bp |
| 50y | 6.39% | -2bp |
Mild parallel shift lower, with the 10–12y sector seeing the largest move.
What Moved
- → Mild softening across the curve — All key maturities down 1–3bp, with the 10–12y area leading.
- → No material divergence — Moves are consistent across short, medium, and long maturities.
Context
- → BRC Shop Price Inflation (Jul): 0.90% (Forecast: 1.20%, Previous: 1.20%) — below expectations, but low impact for gilts.
- → News flow is light — No major UK macro or gilt-specific headlines this morning.
Calendar Events
Today's Releases
- → BRC Shop Price Inflation (Jul): 0.90% (Forecast: 1.20%, Previous: 1.20%) — softer than expected, but not a market mover for gilts.
Remaining Today
- → 10:00: GBP Treasury Gilt 2028 Tender — Previous: 3.99%
- → 11:30: GBP Treasury Gilt 2040 Tender
Next 48 Hours
- → Wed 29 Jul 19:00: USD Fed Interest Rate Decision — Forecast: 3.75%
- → Thu 30 Jul 12:00: GBP BoE Interest Rate Decision — Forecast: 3.75%
⚑ Treasurer's Note — PWLB rates have eased by 1–3bp at the AM reset, with the 10–12y area seeing the largest move. No significant data or news is driving this shift, so the move likely reflects routine market adjustment. If you are watching for a window, the next reset will reflect any further moves in gilts or macro data, but for now, conditions remain calm.
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 IT department.