PWLB briefing
Morning Rate Update
PWLB rates have moved modestly lower across the curve at the morning reset, with 3–5bp declines seen at all key tenors.
NOTICE SUMMARY — PWLB fixed rates reset lower by 2–5bp at the 09:31 AM fix, following softer gilt yields after the US Federal Reserve's rate hike and a quiet UK data calendar so far.
PWLB rates edge down as global central banks tighten, UK awaits BoE
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.42% | -1bp |
| 3y | 5.72% | -3bp |
| 5y | 5.89% | -4bp |
| 10y | 6.28% | -4bp |
| 25y | 6.81% | -4bp |
| 50y | 6.57% | -5bp |
Parallel shift lower across the curve, with the largest move at the 50-year point.
What Moved
- → Broad-based declines — 3–5bp drops seen from 3y to 50y, with the long end (50y) leading at -5bp.
- → Short end steadier — 1y rate down just 1bp, showing less movement than the rest of the curve.
Context
- → US Federal Reserve hiked rates by 25bp — The Fed raised its policy rate to 3.75–4% last night, with another hike signalled for later this year. This helped global bond yields retreat overnight.
- → UK data calendar quiet so far — No significant UK releases yet this morning; all eyes on the Bank of England at noon.
- → News flow light for gilts — No major UK macro headlines driving this morning’s move; global central bank action is the main context.
Calendar Events
Today's Releases
No data released so far today.
Remaining Today
- → 12:00 — BoE Interest Rate Decision — Forecast: 3.75% (Previous: 3.75%)
- → 12:00 — MPC Meeting Minutes
- → 12:00 — MPC Vote Hike — Forecast: 3 (Previous: 3)
Next 48 Hours
- → Fri 18 Sep 07:00: GBP Retail Sales MoM — Forecast: -0.20%
- → Fri 18 Sep 07:00: GBP Retail Sales YoY — Forecast: 1.90%
⚑ Treasurer's Note — PWLB rates have reset 2–5bp lower across the curve this morning, with the largest move at the 50-year. This reflects softer gilt yields after the Fed’s rate hike and a lack of UK data so far today. The next key event is the Bank of England decision at noon, which may set the tone for the afternoon reset.
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.