PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged 1–3bp higher across the curve at the 12:43 reset; moves remain modest.
PWLB PM rates set at 12:43 show a mild upward shift of 1–3bp across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.36% (+1bp)
- → 3y — 5.65% (+2bp)
- → 5y — 5.84% (+3bp)
- → 10y — 6.26% (+2bp)
- → 25y — 6.83% (+1bp)
- → 50y — 6.62% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Mild upward shift — All key points on the curve moved up by 1–3bp, with the 5y sector seeing the largest move (+3bp).
- → Broad-based — The move was consistent across short, medium, and long maturities.
CONTEXT
- → UK Gilt auction — This morning’s 2030 gilt auction cleared at 4.79%, up from 4.36% previously, indicating some upward pressure in underlying yields.
- → Macro backdrop — News flow highlights persistent inflation concerns, with oil prices above $100/barrel and UK gas prices at multi-year highs.
- → No single clear driver — Moves remain modest and no single headline stands out as the catalyst.
LOOK AHEAD
- → Tomorrow 07:00 — UK GDP MoM (HIGH): forecast 0.0% (prev 0.30%).
- → Tomorrow 07:00 — UK Industrial Production MoM (MEDIUM): forecast -0.20% (prev -0.20%).
- → Tomorrow 07:00 — UK Manufacturing Production MoM (MEDIUM): forecast 0.20% (prev -0.50%).
PWLB rates continue to edge higher, but the pace remains measured—focus now shifts to tomorrow’s UK GDP and production data for the next steer.
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 the weather were as stable as the 50-year rate.