PWLB briefing
Morning Rate Update
PWLB rates reset higher this morning, with 2–5bp increases across the curve as global bond yields remain under pressure.
NOTICE SUMMARY — AM reset: PWLB rates up 2–5bp across all maturities, reflecting continued gilt weakness amid global bond sell-off.
PWLB edges higher as bond sell-off rolls on
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.32% | +4bp |
| 3y | 5.58% | +5bp |
| 5y | 5.77% | +4bp |
| 10y | 6.23% | +2bp |
| 25y | 6.83% | +2bp |
| 50y | 6.62% | +1bp |
Parallel upward shift, with slightly larger moves at the short and medium end.
What Moved
- → Front and belly — 1y to 5y tenors rose 4–5bp, leading the move.
- → Long end — 10y and beyond up 1–2bp, less pronounced but still higher.
Context
- → Global bond sell-off — News flow highlights continued upward pressure on yields, with energy price shocks and inflation fears driving moves in US, UK, and European markets.
- → No UK data releases — No domestic economic data reported so far today to counteract global trends.
- → Energy markets volatile — Oil and gas prices remain elevated on geopolitical tensions, reinforcing upward pressure on rates.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
Nothing further scheduled today.
Next 48 Hours
- → Thu 2026-09-03 15:00: USD ISM Services PMI — Forecast: 54.3
- → Fri 2026-09-04 13:30: USD Non Farm Payrolls — Forecast: 58K
- → Fri 2026-09-04 13:30: USD Unemployment Rate — Forecast: 4.10%
⚑ Treasurer's Note — PWLB rates have reset higher by 2–5bp this morning, with the front and belly of the curve leading the move. This reflects ongoing global bond market weakness and persistent inflation concerns, not any UK-specific data. If gilt yields remain elevated into the next reset, expect further upward pressure on PWLB pricing. Monitor global macro headlines closely, as domestic data is absent today.
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 the coffee in the finance office.