PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across most maturities at the 12:15 reset, with the 50-year down 1bp; overall, a quiet session.
PWLB fixed rates at the 12:15 PM set saw small upward moves of 1–2bp across the curve, except for a 1bp dip at 50 years; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.49% (+2bp)
- → 3y — 5.83% (+2bp)
- → 5y — 6.01% (+1bp)
- → 10y — 6.39% (+1bp)
- → 25y — 6.86% (+1bp)
- → 50y — 6.54% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1y and 3y up by +2bp, 5y and 10y up +1bp.
- → Long end — 25y up +1bp, but 50y down -1bp.
CONTEXT
- → BoE commentary — Deputy Governor Ramsden (11:00) indicated rates may need to rise if inflation pressures persist.
- → Market backdrop — News flow highlights ongoing inflation concerns, with oil above $106/bbl and UK 10y gilt yields up 4bp to 5.403% this morning.
- → Political/fiscal noise — Chancellor Healey's speech (12:15) and budget speculation are adding to market caution.
LOOK AHEAD
- → Tomorrow 09:30 — GBP Mortgage Approvals (MEDIUM), forecast 58K (prev 56K).
A steady but slightly firmer set of PWLB rates this afternoon, with the curve showing only minor shifts as markets digest inflation 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 you blinked, you might have missed it. See you at the next reset.