PWLB briefing
Morning Rate Update
PWLB rates are little changed after the 09:07 AM reset, with all maturities moving just 1–2bp higher.
NOTICE SUMMARY — PWLB fixed rates are up 1–2bp across the curve at the morning reset, with no material shift in curve shape.
PWLB edges up by a whisker as markets mark time
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.19% | +1bp |
| 3y | 5.42% | +2bp |
| 5y | 5.61% | +1bp |
| 10y | 6.10% | +1bp |
| 25y | 6.72% | +1bp |
| 50y | 6.51% | +1bp |
Parallel 1–2bp upward shift; no material change in curve shape.
Movements are negligible across the curve.
CONTEXT
- → Eurozone inflation (prelim, Aug): 2.40% actual vs 2.20% forecast (prev 2.10%). Slightly above expectations, but no immediate spillover to gilts evident.
- → News flow: No major UK macro or gilt-specific headlines this morning; market conditions appear quiet.
CALENDAR EVENTS
TODAY'S RELEASES
- → EUR Inflation Rate YoY Prel (Aug): 2.40% actual (forecast 2.20%, prev 2.10%). Slightly hotter than expected, but no discernible impact on UK rates so far.
REMAINING TODAY
- → 15:00 USD Non Farm Payrolls Annual Revision Prel: Previous: -911K
- → 15:00 USD Fed Chair Warsh Speech: Market will watch for any US policy signals, but no direct UK impact expected pre-release.
NEXT 48 HOURS
- → Fri 2026-08-29 13:30: USD Non Farm Payrolls — Forecast: 45K
- → Fri 2026-08-29 13:30: USD Unemployment Rate — Forecast: 4.20%
⚑ Treasurer's Note — PWLB rates have nudged up by 1–2bp across all maturities at the morning reset, with no significant curve movement or new macro drivers. Market tone is calm, and no immediate catalysts are visible ahead of the US data and Fed speech this afternoon.
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.