PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Modest upward shift across the PWLB curve, with 2–3bp increases at most key tenors.
PWLB fixed rates at the 12:22 PM reset are up 2–3bp across the curve; little changed in directional terms, but the move is uniform and slightly firmer.
PWLB PM SNAPSHOT
- → 1y — 5.44% (+2bp)
- → 3y — 5.73% (+3bp)
- → 5y — 5.88% (+3bp)
- → 10y — 6.23% (+3bp)
- → 25y — 6.70% (+2bp)
- → 50y — 6.40% (+3bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve firmed 2–3bp across all key maturities — The move is broad-based, with no single segment standing out.
CONTEXT
- → UK PMI releases — September flash PMIs showed Services at 51.7 (vs 52.5 prior), Manufacturing at 52 (vs 51.7 prior), and Composite at 51.7 (vs 52.5 prior), all slightly below forecast and previous, indicating some loss of momentum.
- → News flow — Commentary highlights ongoing cost pressures, high government borrowing, and expectations for slower UK growth in 2027 (OECD).
- → No single clear driver in today's inputs — Modest moves likely reflect broader market tone rather than a specific catalyst.
LOOK AHEAD
- → Tomorrow 11:00 — CBI Distributive Trades (forecast: -50)
A modestly firmer reset, with no single headline driver—markets remain sensitive to macro signals and fiscal headlines.
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 economic calendar moved as briskly as the PWLB reset.