PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged 1–3bp lower across the curve at the 12:08 reset; moves remain modest.
PWLB PM rates set at 12:08 show a mild downward shift of 1–3bp across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.18% (-3bp)
- → 3y: 5.40% (-3bp)
- → 5y: 5.59% (-2bp)
- → 10y: 6.07% (-2bp)
- → 25y: 6.69% (-2bp)
- → 50y: 6.49% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1y and 3y both down by -3bp, with 5y and 10y softer by -2bp.
- → Long end — 25y and 50y both lower by -2bp; no part of the curve unchanged.
CONTEXT
- → UK data — BRC Retail Sales Monitor YoY released at 1.0% (below forecast 1.5%), indicating softer retail activity.
- → Market narrative — News flow highlights ongoing concerns about oil prices and global inflation, but no single clear driver for today's modest gilt rally.
LOOK AHEAD
- → Today 15:00 — USD Existing Home Sales (forecast: 4.05M).
- → Tomorrow 10:00 — GBP Index-linked Treasury Gilt 2035 Auction (previous: 1.51%).
- → Tomorrow 13:30 — USD Inflation Rate YoY (forecast: 3.40%) and Core Inflation Rate YoY (forecast: 2.50%).
A gentle drift lower in rates today, with little in the way of fresh domestic catalysts—eyes will turn to tomorrow's US inflation print for the next directional cue.
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 — If you blinked, you missed the move. Onward.