PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged lower at the long end, but moves were limited to 2bp or less across the curve.
PWLB fixed rates at the 12:10 PM reset show a mild downward bias in longer maturities, with little changed elsewhere.
PWLB PM SNAPSHOT
- → 1y: 5.43% (+1bp)
- → 3y: 5.72% (unch)
- → 5y: 5.89% (unch)
- → 10y: 6.27% (-1bp)
- → 25y: 6.79% (-2bp)
- → 50y: 6.55% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Long end softens — 25y and 50y rates both down (-2bp), with 40y and 30y also lower.
- → 10y and 20y — Each slips (-1bp), continuing the mild downward drift in the belly and long end.
- → Front end steady — 1y up (+1bp), 2y, 3y, and 5y unchanged.
CONTEXT
- → Bank of England holds rates — BoE left Bank Rate at 3.75% (6-3 vote), as expected, with policymakers warning of possible future hikes if inflation persists.
- → Market tone — News flow highlights persistent inflation concerns and the BoE's signal that further tightening remains on the table.
LOOK AHEAD
- → Tomorrow 07:00 — UK Retail Sales MoM (HIGH), forecast -0.20%.
- → Tomorrow 07:00 — UK Retail Sales YoY (MEDIUM), forecast 1.90%.
Curve direction remains muted, with the market now looking to tomorrow's retail sales 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 you blinked, you missed it: the long end drifted, but the rest barely budged.