PWLB briefing
Afternoon Rate Update
⚠ RATE ALERT — PWLB fixed rates rose 4–5bp across the curve at the PM reset, with the 5–30y area seeing the largest moves; upward pressure is evident across all maturities.
PWLB PM rates were reset higher at 12:20, with most key tenors up 4–5bp versus the previous notice.
PWLB PM SNAPSHOT
- → 1y: 5.49% (+4bp)
- → 3y: 5.82% (+4bp)
- → 5y: 6.00% (+5bp)
- → 10y: 6.37% (+4bp)
- → 25y: 6.87% (+5bp)
- → 50y: 6.57% (+4bp)
WHAT'S NEW SINCE THIS MORNING
- → Broad upward shift: All key maturities rose 4–5bp, with the 5–30y area at the upper end of the range.
- → Curve shape: The move was consistent across the curve, with no single segment standing out for outsized volatility.
CONTEXT
- → UK data: Q2 GDP growth was revised up to 0.5% QoQ (vs forecast 0.4%), with YoY at 1.4% (vs 1.2% forecast); business investment and car production also beat expectations.
- → Global backdrop: Eurozone inflation prints came in above forecast, and commentary highlights ongoing energy price pressures and Middle East risks.
- → Market tone: News flow points to persistent inflation concerns and upward pressure on yields, with no single clear catalyst for today's move.
LOOK AHEAD
- → Today 13:00: EUR inflation rate YoY prelim (forecast 3.2%)
- → Tomorrow 07:00: GBP Nationwide house prices (MoM forecast 0.0%, YoY 1.3%)
- → Tomorrow 09:30: GBP S&P Global Manufacturing PMI Final (forecast 52)
A clear upward reset across the PWLB curve today—keep an eye on the next data points and any further inflation surprises.
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 weather were as predictable as the PWLB reset clock.