PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged 1bp higher across most maturities at the 12:22 reset, with little overall change and no material shift in market direction.
PWLB fixed rates at the 12:22 PM reset saw a uniform +1bp move across the curve, with the front end unchanged or marginally lower; overall, little changed.
PWLB PM SNAPSHOT
- → 1y — 5.16% (-1bp)
- → 3y — 5.38% (unch)
- → 5y — 5.58% (+1bp)
- → 10y — 6.08% (+1bp)
- → 25y — 6.71% (+1bp)
- → 50y — 6.51% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild steepening — 1y fell slightly (-1bp), 3y was flat, while 5y and longer tenors rose +1bp.
CONTEXT
- → No UK data released today — The calendar is empty for UK releases so far, leaving markets to trade on broader themes.
- → Global backdrop — News flow highlights softer US rate hike expectations and a weaker US dollar, but no single clear driver for gilts or PWLB rates emerges.
LOOK AHEAD
- → Tomorrow 07:00 — GBP Unemployment Rate (HIGH): forecast 4.80% (prev 4.90%)
- → Tomorrow 07:00 — GBP Employment Change (MEDIUM): forecast 200K (prev 147K)
A steady start to the week, with the curve barely moving and all eyes on tomorrow's UK labour data for the next steer.
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 only every Monday were this uneventful.