PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates edged 1–2bp lower across the curve at the 12:32 reset; moves are minor.
The PWLB PM reset saw a modest 1–2bp fall in all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.19% (-1bp)
- → 3y — 5.42% (-2bp)
- → 5y — 5.63% (-2bp)
- → 10y — 6.13% (-2bp)
- → 25y — 6.77% (-2bp)
- → 50y — 6.57% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Minor parallel shift lower: all key tenors down 1–2bp, with the largest move in the 3–50y segment (-2bp).
CONTEXT
- → UK data this morning showed unemployment steady at 4.9% (in line with previous, above forecast), employment change weaker than expected, and average earnings growth cooling to 4.1% (prev. 4.4%).
- → News flow highlights a deepening global bond sell-off, with long-dated yields at multi-decade highs and risk aversion in equity markets, but no single clear driver for today's small downward move in PWLB rates.
LOOK AHEAD
- → 13:30: USD Housing Starts (forecast: 1.35M) and Building Permits (forecast: 1.37M) still due today.
- → Tomorrow 07:00: UK inflation data (YoY forecast: 2.9%) and core inflation (YoY forecast: 2.5%) in focus.
PWLB rates are holding steady after a minor dip; attention now turns to tomorrow's UK inflation print for the next potential catalyst.
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 market day were this concise.