PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged 1–2bp higher across most maturities at the 12:19 reset; little changed overall.
PWLB PM rates set at 12:19 show a uniform +1bp move across nearly all tenors, with 5y unchanged and a slightly firmer +2bp at 50y; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.10% (+1bp)
- → 3y: 5.28% (+1bp)
- → 5y: 5.45% (unch)
- → 10y: 5.94% (+1bp)
- → 25y: 6.57% (+1bp)
- → 50y: 6.37% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest +1bp upward shift across the curve, with the 5y unchanged and a slightly firmer +2bp at 50y.
CONTEXT
- → UK S&P Global Services PMI Final (Jul): 52.1, above forecast (51.8) and previous (48.8).
- → UK S&P Global Composite PMI Final (Jul): 52.2, above forecast (52.1) and previous (49.3).
- → News flow highlights ongoing jobs softness despite growth, and a continued drop in oil prices as Iran–US diplomatic hopes persist.
LOOK AHEAD
- → 15:00: US ISM Services PMI (HIGH) — Forecast: 54.5 (Previous: 54)
- → Tomorrow 09:30: UK S&P Global Construction PMI (MEDIUM) — Forecast: 40 (Previous: 38.4)
A steady PM reset, with only minor upward pressure; attention turns to US data and tomorrow’s UK construction PMI for the next cues.
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 curve needs a breather now and then.