PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates rose 3–4bp across the curve at the 12:30 reset, with modest upward pressure seen from short to long maturities.
PWLB fixed rates at the 12:30 PM reset rose by 3–4bp across all key tenors; modest but broad-based moves, with little change in curve shape.
PWLB PM SNAPSHOT
- → 1y: 5.20% (+4bp)
- → 3y: 5.40% (+4bp)
- → 5y: 5.58% (+4bp)
- → 10y: 6.05% (+3bp)
- → 25y: 6.67% (+3bp)
- → 50y: 6.45% (+3bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest upward move of +4bp at the front end (1y–5y), with the belly and long end (10y–50y) up +3bp.
- → Curve remains broadly unchanged in shape; the move is parallel across maturities.
CONTEXT
- → UK Nationwide house price data for July showed a 0.1% MoM rise (in line with forecast) and annual growth slowing to 1.8% (below forecast, down from 2.2%).
- → Eurozone flash inflation printed at 2.9% YoY (in line with forecast, up from 2.8%), and German preliminary inflation at 2.1% YoY (above forecast/previous).
- → News flow highlights ongoing geopolitical tensions (US-Iran conflict, energy prices) and continued caution in UK housing and financial markets.
LOOK AHEAD
Diary is light into tomorrow.
A modest parallel move higher at the PM fix, with no single dominant driver—just a blend of firmer inflation prints and persistent global risk themes.
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 cooled off as predictably as the curve.