PWLB briefing
Morning Rate Update
PWLB rates have nudged higher by 1–2bp across the curve at the AM reset, with no significant data or news flow driving the move.
NOTICE SUMMARY — PWLB fixed rates set after 09:04 are up 1–2bp across all standard maturities; no material macro drivers identified.
PWLB Edges Up: Gilt Market Yawns, Rates Inch Higher
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.16% | +2bp |
| 3y | 5.36% | +2bp |
| 5y | 5.54% | +1bp |
| 10y | 6.01% | unch |
| 25y | 6.64% | +1bp |
| 50y | 6.43% | +1bp |
Mild parallel upward shift; no material curve shape change.
Movements are negligible across the curve.
Context
- → No UK data released yet — No economic releases so far this morning to influence gilt pricing.
- → News flow is light — No material UK macro or gilt-relevant headlines in the morning press.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 15:00 USD JOLTs Job Openings: Forecast 7.4M (Prev: 7.594M) — high impact for US rates, limited direct relevance for gilts barring a major surprise.
Next 48 Hours
- → Wed 2026-08-05 15:00: USD ISM Services PMI — Forecast: 54.5
⚑ Treasurer's Note — PWLB rates have ticked up by 1–2bp at the AM reset, with no clear catalyst from data or news. The move is minor and the curve remains stable. Unless gilts move sharply before midday, the next reset is likely to be similarly uneventful.
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, still watching, still not impressed by a 2bp move.