PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates were broadly steady at the 12:06 PM reset, with only minor moves at the 5y and 50y points.
The PWLB PM reset saw little changed, with most maturities flat and a 1bp dip at the 5y and 50y ends.
PWLB PM SNAPSHOT
- → 1y — 5.18% (unch)
- → 3y — 5.42% (unch)
- → 5y — 5.61% (-1bp)
- → 10y — 6.11% (unch)
- → 25y — 6.74% (unch)
- → 50y — 6.53% (-1bp)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → UK retail sales — July MoM fell -0.5% as forecast; YoY up 1.6% but below expectations, with discretionary spending weak.
- → UK PMIs — August flash services at 52.8 (vs 51.8 forecast), manufacturing at 51.5 (in line), both indicating modest expansion.
- → Consumer confidence — GfK index improved to -14, the highest in two years.
- → News flow — Focus remains on US Treasury bond buybacks and UK fiscal pressures, but no single clear driver for today's minor moves.
LOOK AHEAD
Diary is light into tomorrow.
A steady finish to the week, with no major surprises in rates or data. Enjoy the calm while it lasts.
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 Friday could be this uneventful.