PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates saw minimal movement at the 12:15 reset, with only minor changes across the curve.
PWLB rates at the PM fix are little changed, with small moves of ±2bp or less across all key maturities.
PWLB PM SNAPSHOT
- → 1y: 5.38% (+2bp)
- → 3y: 5.70% (+1bp)
- → 5y: 5.90% (unch)
- → 10y: 6.33% (unch)
- → 25y: 6.83% (-2bp)
- → 50y: 6.54% (-2bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end firmer: 1y and 2y up modestly (+2bp), 3y up (+1bp).
- → Long end softer: 25y and 50y both down (-2bp), with small declines also in 15y, 20y, and 40y.
- → Belly steady: 5y, 7y, 10y, and 12y unchanged.
CONTEXT
- → Eurozone inflation: Flash YoY print came in at 3.8% (vs 3.6% forecast), above expectations.
- → UK inflation expectations: Bank of England DMP 1Y CPI at 3.3% (prev 3.1%), 3M output price expectations at 3.7% (prev 3.8%).
- → Market tone: News flow highlights ongoing global bond volatility, with particular focus on French and UK government debt.
LOOK AHEAD
- → 13:30 USD Non-Farm Payrolls: Forecast 90K, unemployment rate 4.1% — both high-impact for global rates.
A steady PM fix after a volatile week; all eyes now turn to US jobs data for the next directional cue.
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.