PWLB briefing
Afternoon Rate Update
⚠ RATE ALERT — PWLB fixed rates rose 2–3bp across the curve at the PM reset, with the 10–20y sector leading; higher global bond yields and oil-driven inflation concerns remain the dominant backdrop.
PWLB rates at the 12:34 PM reset are up 2–3bp across all key maturities, with the 10–20 year area seeing the largest moves.
PWLB PM SNAPSHOT
- → 1y — 5.50% (+2bp)
- → 3y — 5.86% (+2bp)
- → 5y — 6.07% (+2bp)
- → 10y — 6.50% (+3bp)
- → 25y — 6.99% (+2bp)
- → 50y — 6.70% (+3bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly (1–7y) up 2bp; long end (10–50y) up 2–3bp, with the 10–20y area leading.
- → Moves are consistent across the curve, with no single maturity standing out for outsized volatility.
CONTEXT
- → RICS House Price Balance came in weaker than forecast at -32% (vs -30%), indicating further softness in UK housing.
- → News flow dominated by surging oil prices, global bond yield increases, and persistent inflation concerns.
- → UK credit card defaults are rising, and property values in student housing continue to fall, reflecting ongoing financial pressure on households and real estate.
LOOK AHEAD
- → 13:15 — BoE Governor Bailey speech (MEDIUM)
- → Tomorrow 15:00 — US Michigan Consumer Sentiment (HIGH, forecast: 47.6)
A modest upward reset, with the 10–20y sector most affected; inflation and global bond market nerves remain in focus.
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’re waiting for a quiet curve, you may be here a while.