PWLB briefing
Morning Rate Update
PWLB rates have moved modestly higher across all maturities at the AM reset, with a uniform +2bp increase and no curve shape change.
NOTICE SUMMARY — PWLB fixed rates rose by +2bp across the curve at the 09:06 AM setting, with no standout driver from data or news.
PWLB edges up +2bp across the board — no drama, just a gentle lift
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.17% | +2bp |
| 3y | 5.39% | +2bp |
| 5y | 5.58% | +2bp |
| 10y | 6.07% | +2bp |
| 25y | 6.69% | +2bp |
| 50y | 6.48% | +2bp |
Parallel +2bp shift across the curve; no change in shape.
WHAT MOVED
- → Uniform move — All key maturities up by +2bp, with no part of the curve diverging.
CONTEXT
- → GBP Car Production YoY — Actual: -11% (Forecast: 1.0%, Previous: -1.20%). Weak, but not a typical driver for gilts.
- → EUR GfK Consumer Confidence — Actual: -26.6 (Forecast: -29.6, Previous: -29.4). Slightly less negative than expected; limited relevance for UK rates.
- → News flow — No material UK macro or gilt-related headlines this morning; conditions appear quiet.
CALENDAR EVENTS
TODAY'S RELEASES
- → GBP Car Production YoY — Actual: -11% (Forecast: 1.0%, Previous: -1.20%). Markedly below expectations, but not a direct mover for gilts.
REMAINING TODAY
Nothing further scheduled today.
NEXT 48 HOURS
- → Thu 2026-08-28 07:45: EUR Inflation Rate YoY Prel — Forecast: 2.20%
- → Thu 2026-08-28 15:00: USD Non Farm Payrolls Annual Revision Prel — Previous: -911K
- → Thu 2026-08-28 15:00: USD Fed Chair Warsh Speech
⚑ Treasurer's Note — PWLB rates have nudged up +2bp across all maturities at the morning reset, with no curve distortion and no clear macro catalyst. This is a modest, orderly move rather than a signal of volatility. Unless gilts move sharply before the next reset, expect similar conditions to persist through midday.
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 after more resets than a council laptop.