PWLB briefing
Morning Rate Update
PWLB rates reset lower this morning, with a modest parallel move down across the curve.
NOTICE SUMMARY — AM reset: PWLB rates fell by 2–6bp across all maturities, with no single driver evident in today's data or news.
PWLB edges down as curve drifts lower on a quiet Monday
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.14% | -6bp |
| 3y | 5.36% | -4bp |
| 5y | 5.54% | -4bp |
| 10y | 6.02% | -3bp |
| 25y | 6.64% | -3bp |
| 50y | 6.43% | -2bp |
Parallel move lower across the curve, with slightly larger declines at the short end.
What Moved
- → Front end leads — 1y down 6bp, with 2–4bp declines across most other tenors.
- → Long end steadier — 50y down 2bp, indicating a mild bull flattening bias.
Context
- → S&P Global Manufacturing PMI (UK) — Actual: 51.9 (Forecast: 52.8, Previous: 52.5). Slightly below expectations, but not a major miss.
- → News flow light — No material UK macro or gilt-specific headlines this morning.
Calendar Events
Today's Releases
- → S&P Global Manufacturing PMI Final — Actual: 51.9 (Forecast: 52.8, Previous: 52.5). Slightly softer than expected; unlikely to have moved gilts materially.
Remaining Today
- → 15:00 USD ISM Manufacturing PMI — Forecast: 54
Next 48 Hours
- → Tue 2026-08-04 15:00: USD JOLTs Job Openings — Forecast: 7.25M
- → Wed 2026-08-05 15:00: USD ISM Services PMI — Forecast: 54.2
- → Fri 2026-08-07 13:30: USD Non Farm Payrolls — Forecast: 91K
- → Fri 2026-08-07 13:30: USD Unemployment Rate — Forecast: 4.30%
⚑ Treasurer's Note — PWLB rates have reset modestly lower this morning, with the short end down 6bp and the rest of the curve 2–4bp lower. This reflects a mild bull flattening, but there is no clear catalyst in today's data or news. The next reset will depend on how US data and any late-session gilt moves play out, 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 laptop.