PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates reset higher by 2–3bp across the curve at the 12:31 PM fix, with modest upward moves led by the short and intermediate tenors.
PWLB fixed rates at the 12:31 PM reset are up 2–3bp across all key maturities, with little change to the overall curve shape.
PWLB PM SNAPSHOT
- → 1y — 5.21% (+3bp)
- → 3y — 5.41% (+3bp)
- → 5y — 5.58% (+3bp)
- → 10y — 6.03% (+2bp)
- → 25y — 6.64% (+2bp)
- → 50y — 6.42% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1y, 2y, 3y, and 5y all rose +3bp.
- → Longer tenors — 10y, 25y, and 50y each up +2bp.
CONTEXT
- → UK data — Mortgage approvals came in at 58.2K (vs 57.1K forecast), and M4 Money Supply rose 0.80% MoM (vs 0.20% forecast).
- → Global backdrop — News flow dominated by Middle East tensions and higher oil prices; markets remain focused on the upcoming Fed and Bank of England rate decisions.
LOOK AHEAD
- → Tonight — US Fed Interest Rate Decision at 19:00 (forecast 3.75%), followed by the Fed press conference at 19:30.
- → Tomorrow — Bank of England rate decision at 12:00 (forecast 3.75%), plus Monetary Policy Report and MPC minutes.
Steady upward reset this afternoon, with markets now bracing for central bank decisions on both sides of the Atlantic.
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 the weather were as predictable as the PWLB reset clock.