PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged 1–2bp higher across the curve at the 12:17 reset; little changed.
PWLB PM rates reset slightly higher, with all key maturities up by 1–2bp versus the previous notice.
PWLB PM SNAPSHOT
- → 1y — 5.18% (+1bp)
- → 3y — 5.40% (+1bp)
- → 5y — 5.60% (+2bp)
- → 10y — 6.09% (+2bp)
- → 25y — 6.71% (+2bp)
- → 50y — 6.50% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — All key tenors rose 1–2bp, with the 5y, 10y, 25y, and 50y points up by 2bp; shorter maturities up 1bp.
CONTEXT
- → UK car production — Latest YoY print at -11% (vs forecast +1.0%), a notable miss, but not a typical driver for gilts.
- → Eurozone consumer confidence — GfK index improved to -26.6 (vs forecast -29.6), but no immediate impact on UK rates.
- → News flow — Markets are focused on tomorrow’s Jackson Hole speech from Fed Chair Warsh; no single clear driver in today's inputs.
LOOK AHEAD
- → Tomorrow 07:00 — GBP Nationwide Housing Prices MoM (forecast: +0.10%) and YoY (forecast: +1.90%).
- → Tomorrow 07:45 — EUR Inflation Rate YoY Prel (forecast: 2.20%).
- → Tomorrow 15:00 — USD Non Farm Payrolls Annual Revision Prel and Fed Chair Warsh Speech (both high impact).
A gentle upward drift in PWLB rates today, with the market’s attention now firmly on tomorrow’s US data and Jackson Hole headlines.
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 you blinked, you missed it; tomorrow could be livelier.