PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged 1–2bp lower across the curve at the 12:20 reset; moves remain modest.
PWLB fixed rates at the 12:20 PM set saw small declines across all key maturities, with little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.14% (unch)
- → 3y: 5.34% (-2bp)
- → 5y: 5.53% (-1bp)
- → 10y: 6.01% (-1bp)
- → 25y: 6.63% (-1bp)
- → 50y: 6.42% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild downward shift — Most tenors dipped by 1bp; the 3y and 7–15y area saw slightly larger moves at -2bp.
- → Front end steady — 1y rate was unchanged on the day.
CONTEXT
- → UK data — S&P Global Manufacturing PMI Final came in at 51.9, below forecast (52.8) and prior (52.5), suggesting softer momentum.
- → Global backdrop — News flow highlights falling oil prices on de-escalation hopes in the US-Iran conflict, and a firmer yen after joint intervention by US and Japanese authorities.
LOOK AHEAD
- → Today 15:00 — USD ISM Manufacturing PMI (HIGH), forecast 54.
- → Tomorrow 10:00 — GBP Treasury Gilt 2032 Auctions (LOW).
- → Tomorrow 15:00 — USD JOLTs Job Openings (HIGH), forecast 7.25M.
A quiet session for PWLB rates, with only minor downward adjustments and no single dominant driver in play.
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 every Monday were this straightforward.