PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates saw minimal movement at the PM reset, with only minor changes at the very short and long ends.
PWLB fixed rates at 12:20 on 4 August 2026 show little changed overall, with 1–2bp moves at the short and long ends and the belly of the curve steady.
PWLB PM SNAPSHOT
- → 1y — 5.15% (-1bp)
- → 3y — 5.36% (unch)
- → 5y — 5.54% (unch)
- → 10y — 6.02% (+1bp)
- → 25y — 6.64% (unch)
- → 50y — 6.44% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end — 1y down slightly (-1bp); 3y and 5y unchanged.
- → Belly — 10y up marginally (+1bp).
- → Long end — 50y up (+1bp); 25y unchanged.
CONTEXT
- → UK Gilt auction — This morning’s 2032 Gilt auction cleared at 4.61%, providing a reference point for the curve.
- → Macro news — Headlines remain dominated by strong corporate earnings, energy sector windfalls, and ongoing Middle East tensions, but no single clear driver for gilts or PWLB rates stands out.
LOOK AHEAD
- → Today 15:00 — USD JOLTs Job Openings (forecast: 7.4M); may influence global risk sentiment but not directly GBP rates.
- → Tomorrow 09:30 — GBP S&P Global Services PMI Final (forecast: 51.8), Composite PMI Final (forecast: 52.1).
- → Tomorrow 09:00 — GBP New Car Sales YoY (forecast: 10%).
A steady PM reset with only minor curve adjustments; no clear catalyst from today’s data or news flow.
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 — Even the gilts need a breather now and then.