PWLB briefing
Morning Rate Update
PWLB rates have moved modestly higher across the curve at the AM reset, with increases of 3–5bp seen at all key maturities.
NOTICE SUMMARY — PWLB fixed rates rose by 3–5bp at the 09:14 reset, reflecting a modest upward move in gilt yields.
PWLB edges up: modest parallel shift as rates climb 3–5bp
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.35% | +3bp |
| 3y | 5.63% | +4bp |
| 5y | 5.81% | +4bp |
| 10y | 6.24% | +4bp |
| 25y | 6.82% | +4bp |
| 50y | 6.61% | +4bp |
Curve shift is a modest parallel move higher across all maturities.
What Moved
- → Parallel upward shift — All key maturities rose by 3–5bp, with the 7-year seeing the largest move (+5bp).
- → No material curve shape change — Moves were consistent across short, medium, and long ends.
Context
- → RICS House Price Balance — Actual: -28% (Forecast: -31%, Previous: -29%). Slightly less negative than expected, but unlikely to have driven the move.
- → News flow — No major UK macro or gilt-specific headlines; broader market commentary focuses on energy prices and global central bank moves.
Calendar Events
Today's Releases
- → RICS House Price Balance — Actual: -28% (Forecast: -31%, Previous: -29%). Slightly better than forecast; limited impact on gilts.
Remaining Today
- → 10:00 — GBP Treasury Gilt 2030 Auction (LOW)
Next 48 Hours
- → Fri 11 Sep 07:00: GBP GDP MoM — Forecast: 0.0%
- → Fri 11 Sep 07:00: GBP GDP YoY — Forecast: 1.20%
⚑ Treasurer's Note — PWLB rates have nudged up by 3–5bp across all maturities at the morning reset. This is a modest parallel move, with no single tenor standing out. The market remains sensitive to global macro themes, but there are no immediate UK-specific drivers in play. Next reset will reflect any further moves in gilts or macro data, so keep an eye on tomorrow's GDP release.
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 after more resets than a council laptop.