PWLB briefing
Morning Rate Update
PWLB rates are little changed at the AM reset, with only a handful of tenors moving by +1bp and the rest unchanged.
NOTICE SUMMARY — PWLB fixed rates at the 09:11 AM reset are broadly steady, with minor +1bp upticks at select points and no significant data or news drivers.
PWLB rates: barely a ripple as the market pauses for breath
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.10% | unch |
| 3y | 5.28% | unch |
| 5y | 5.46% | +1bp |
| 10y | 5.95% | +1bp |
| 25y | 6.58% | +1bp |
| 50y | 6.38% | +1bp |
Curve shows a near-parallel shift, with only +1bp moves at select points and the rest unchanged.
Movements are negligible across the curve.
Context
- → UK Construction PMI — Actual: 44.7 (Forecast: 40, Previous: 38.4). Stronger than expected, but still below 50, indicating contraction.
- → News flow — No material UK macro or gilt-specific headlines influencing rates this morning.
Calendar Events
Today's Releases
- → 09:30 S&P Global Construction PMI — Actual: 44.7 (Forecast: 40, Previous: 38.4). Above expectations, but still contractionary; minimal impact on gilts.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
- → Fri 2026-08-07 13:30: USD Non Farm Payrolls — Forecast: 80K
- → Fri 2026-08-07 13:30: USD Unemployment Rate — Forecast: 4.20%
⚑ Treasurer's Note — The AM reset brings only marginal changes, with most PWLB rates unchanged and a handful up by +1bp. Market conditions remain calm, with no significant data or news flow driving rates this morning.
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 when the only thing moving is the coffee queue.