PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates edged down by 1–2bp across the curve at the 12:25 reset; moves are minor and broad-based.
PWLB fixed rates at the 12:25 PM reset are modestly lower, with little changed in market direction since this morning.
PWLB PM SNAPSHOT
- → 1y — 5.47% (-1bp)
- → 3y — 5.81% (-1bp)
- → 5y — 5.98% (-2bp)
- → 10y — 6.35% (-2bp)
- → 25y — 6.84% (-1bp)
- → 50y — 6.53% (-1bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve moves — Small, parallel declines of 1–2bp across all key tenors.
- → Largest shift — 2bp lower in the 5y, 7y, 10y, 12y, 15y, 20y, and 30y buckets.
CONTEXT
- → UK data — Gilt auction saw a 5.38% yield (up from 5.16% previously); mortgage approvals came in at 54.9K, below forecast.
- → News flow — Political headlines focus on state pension triple lock debate and energy policy; no direct market impact evident.
- → Global backdrop — Oil remains above $106, but no single clear driver for today's small downward move in PWLB rates.
LOOK AHEAD
- → Today 16:30 — BoE Taylor speech (LOW impact).
- → Tomorrow 07:00 — Nationwide Housing Prices MoM (0.20% forecast), Current Account (forecast: data not available), GDP Growth Rate QoQ Final (0.40% forecast).
A quiet PM reset—rates are fractionally lower, with no single story dominating market direction. Usual pattern: next move awaits tomorrow's data.
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 all resets were this uneventful.