PWLB briefing
Morning Rate Update
PWLB rates have moved lower by 3–5bp across the curve at the AM reset, with the entire maturity spectrum shifting down in parallel.
NOTICE SUMMARY — PWLB fixed rates reset 3–5bp lower across all maturities at the 09:12 AM fix, with no single driver dominating.
PWLB curve edges down: 3–5bp drop across all maturities at the morning reset
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.14% | -3bp |
| 3y | 5.35% | -5bp |
| 5y | 5.54% | -5bp |
| 10y | 6.04% | -4bp |
| 25y | 6.66% | -4bp |
| 50y | 6.45% | -4bp |
Parallel downward shift of 3–5bp across the curve; no material steepening or flattening.
What Moved
- → Uniform move — All key maturities fell by 3–5bp, with no notable divergence along the curve.
- → No curve shape change — The drop was parallel, leaving the overall curve profile intact.
Context
- → No UK data released yet — No new economic releases so far this morning to drive gilt moves.
- → News flow is light — No major headlines directly impacting UK rates or gilts at this hour.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 11:00 — GBP CBI Distributive Trades, forecast: -24 (prev: -26)
- → 13:30 — USD Personal Spending/Income, Durable Goods, Core PCE, GDP (multiple high-impact US releases)
Next 48 Hours
- → Thu 2026-08-27 07:00: EUR GfK Consumer Confidence — Forecast: -29.6
- → Fri 2026-08-28 07:45: EUR Inflation Rate YoY Prel — Forecast: 2.20%
- → Fri 2026-08-28 15:00: USD Non Farm Payrolls Annual Revision Prel
- → Fri 2026-08-28 15:00: USD Fed Chair Warsh Speech
⚑ Treasurer's Note — PWLB rates have reset 3–5bp lower across all maturities this morning, reflecting a parallel move with no curve distortion. If you are monitoring for the next reset, the direction so far today is downward, but no single market event is driving the move. Keep an eye on upcoming US data this afternoon for any potential impact on gilts ahead of the midday fix.
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 — still here when the only thing flatter than the curve is your coffee.