PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged down by 1–2bp across the curve at the 12:22 reset; moves are minor, with little change overall.
PWLB PM rates reset at 12:22 with small declines across all key maturities; little changed.
PWLB PM SNAPSHOT
- → 1y: 5.26% (-1bp)
- → 3y: 5.51% (-2bp)
- → 5y: 5.71% (-1bp)
- → 10y: 6.17% (-2bp)
- → 25y: 6.77% (-1bp)
- → 50y: 6.56% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Minor parallel move lower: all key tenors fell by 1–2bp, with the 3y and 10y seeing the largest drop (-2bp).
CONTEXT
- → UK data: S&P Global Composite and Services PMI final readings landed at 52.5, broadly in line with forecasts; no major surprise.
- → Gilt auction: Index-linked 2049 Gilt auction cleared at 2.50% (previous: 2.17%), indicating some upward pressure in real yields.
- → Market backdrop: News flow highlights continued volatility in global bond markets, but no single clear driver in today's inputs.
LOOK AHEAD
- → Today 15:00: US ISM Services PMI (forecast: 54.3) could influence global rates sentiment late in the session.
- → Tomorrow 09:30: UK S&P Global Construction PMI (forecast: 45.5).
- → Tomorrow 09:50: BoE Governor Bailey speech.
- → Tomorrow 13:30: US Non-Farm Payrolls (forecast: 58K) and Unemployment Rate (forecast: 4.10%)—both high-impact for global markets.
A quiet PM reset—rates drifted fractionally lower, with no major data surprises or clear catalyst in play.
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 afternoons were this uneventful.