PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged up by +1bp across all key maturities at the 12:16 reset; little changed overall.
PWLB fixed rates at the PM set moved up by +1bp across the curve, with no significant shift in market direction.
PWLB PM SNAPSHOT
- → 1y: 5.17% (+1bp)
- → 3y: 5.41% (+1bp)
- → 5y: 5.61% (+1bp)
- → 10y: 6.11% (+1bp)
- → 25y: 6.75% (+1bp)
- → 50y: 6.55% (+1bp)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK inflation rose to 2.9% YoY in July — Actual matched forecast, up from 2.6% prior, mainly driven by higher energy bills following the Ofgem price cap reset.
- → Core inflation steady at 2.6% YoY — No change from June, in line with expectations.
- → News flow — Commentary highlights the inflation rebound as expected, with energy costs the main factor; no major surprises or additional market-moving events noted.
LOOK AHEAD
- → 19:00 — USD FOMC Minutes — High impact, may influence global rates sentiment.
- → Tomorrow 11:00 — GBP CBI Industrial Trends Orders — Medium impact, forecast -40 (prev -45).
A quiet PM reset: inflation data landed as expected, and the market remains steady ahead of tonight's FOMC minutes.
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 day could be this straightforward.