PWLB briefing
Morning Rate Update
PWLB rates are little changed after the 09:40 AM reset, with only minor moves across the curve and no significant shifts in direction.
NOTICE SUMMARY — AM reset: PWLB rates are broadly steady, with changes of just ±2bp across maturities and no major data or news driving movement.
PWLB Curve Hits the Snooze Button: Minor Tweaks, No Drama
PWLB Snapshot
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.48% | unch |
| 3y | 5.84% | +2bp |
| 5y | 6.05% | +2bp |
| 10y | 6.47% | +2bp |
| 25y | 6.97% | +1bp |
| 50y | 6.67% | -1bp |
Curve shows a very mild steepening bias, with small upward moves in the belly and a slight dip at the long end.
Movements are negligible across the curve.
Context
- → RICS House Price Balance — Actual: -32% (Forecast: -30%, Previous: -28%). Slightly weaker than expected, but not a major surprise for gilts.
- → BoE Credit Conditions Survey — Released, but no market-moving headlines so far.
- → News flow — No significant UK macro or gilt-specific headlines this morning.
Calendar Events
Today's Releases
- → RICS House Price Balance — Actual: -32% (Forecast: -30%, Previous: -28%). Slightly weaker than forecast, but not enough to move rates.
- → BoE Credit Conditions Survey — Released, no immediate impact on gilts.
Remaining Today
- → 10:15 — BoE Greene Speech (LOW)
- → 13:15 — BoE Gov Bailey Speech (MEDIUM)
- → 14:00 — BoE Lombardelli Speech (LOW)
Next 48 Hours
- → Fri 09 Oct 15:00: USD Michigan Consumer Sentiment Prel — Forecast: 47.6
⚑ Treasurer's Note — PWLB rates have barely budged at the AM reset, with only minor ±2bp adjustments and no meaningful curve movement. There is no immediate urgency for borrowers or lenders based on this morning's levels. Unless a major surprise emerges in upcoming BoE speeches or US data, expect the next reset to remain anchored by these steady conditions.
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 — still here, even when the market’s barely awake.