PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates were little changed at the 12:11 PM reset, with only a 1bp move at the 40-year point.
The PWLB PM reset saw rates hold steady across the curve, except for a marginal 1bp uptick at 40 years; otherwise, little changed.
PWLB PM SNAPSHOT
- → 1y — 5.14% (unch)
- → 3y — 5.34% (unch)
- → 5y — 5.53% (unch)
- → 10y — 6.01% (unch)
- → 25y — 6.64% (unch)
- → 50y — 6.44% (unch)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK Q2 GDP — Official data confirmed 0.4% growth in Q2, with June activity boosted by the World Cup and hot weather.
- → Resilient economic backdrop — Despite energy price pressures and ongoing geopolitical risks, the UK economy remains the fastest growing in the G7 for H1 2026.
- → No single clear driver — News flow is busy but no obvious catalyst for rate movement stands out today.
LOOK AHEAD
Diary is light into tomorrow.
A steady PM reset—PWLB rates remain anchored, with the curve showing little appetite for movement. Back with more if volatility returns.
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.