Afternoon Rate Update

PWLB fixed rates reset lower at 12:13, with 6–7bp declines across all key maturities as gilt yields eased back from recent highs.

PWLB PM SNAPSHOT

• → 1y: 5.46% (-6bp)
• → 3y: 5.81% (-7bp)
• → 5y: 6.01% (-7bp)
• → 10y: 6.41% (-7bp)
• → 25y: 6.91% (-6bp)
• → 50y: 6.62% (-6bp)

WHAT'S NEW SINCE THIS MORNING

• → 6–7bp falls across the curve, with the 3–15y sector seeing the largest moves (-7bp), and the rest of the curve down by 6bp.
• → The move is broad-based, affecting both short and long maturities.

CONTEXT

• → UK long-term borrowing costs hit 6% for the first time since 1998, with global bond markets under pressure from persistent inflation and debt concerns.
• → Nationwide house price data this morning showed a 0.2% monthly fall and annual growth slowing to 0.8% (vs 1.6% prev).
• → News flow highlights a deepening global bond sell-off, with UK, US, and European yields at multi-decade highs.

LOOK AHEAD

• → 15:00 today: US ISM Manufacturing PMI (forecast: 55) — potential for further global bond volatility.
• → Tomorrow 10:00: Eurozone Inflation Rate YoY Flash (forecast: 3.6%) — key for European rates direction.
• → Tomorrow 13:30: US Non-Farm Payrolls (forecast: 90K) and Unemployment Rate (forecast: 4.1%) — major market risk events.

Another volatile session, with PWLB rates sharply lower at the PM fix but markets still on edge ahead of key US and Eurozone 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 you blinked, you missed the dip. Stay sharp out there.