PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Modest upward shift across the curve, with moves of +1 to +3bp at the PM reset.
PWLB fixed rates at the 12:50 PM reset are up 1–3bp across all key maturities; little changed in directional terms, but a mild upward bias is evident.
PWLB PM SNAPSHOT
- → 1y — 5.21% (+2bp)
- → 3y — 5.44% (+2bp)
- → 5y — 5.63% (+2bp)
- → 10y — 6.12% (+2bp)
- → 25y — 6.73% (+1bp)
- → 50y — 6.52% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — All key tenors moved up 1–3bp, with the front end and belly (1–5y) seeing +2 to +3bp, and the long end (25–50y) up +1bp.
CONTEXT
- → Eurozone inflation surprise — This morning’s preliminary August CPI came in at 2.40% (vs 2.20% forecast), above expectations and prior, adding to global rate sensitivity.
- → Market focus — News flow is dominated by anticipation of Fed Chair Warsh’s Jackson Hole speech later today, with investors watching for signals on US inflation and policy direction.
LOOK AHEAD
- → Today 15:00 — USD Fed Chair Warsh Speech (HIGH impact): markets are poised for any policy signals.
- → Monday 13:00 — EUR Inflation Rate YoY Prel (HIGH): forecast 3.0% (prior 2.80%).
A modest upward nudge for PWLB rates this afternoon; Jackson Hole now takes centre stage for global rate-watchers.
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 all resets were this well-behaved.