PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — Minor downward adjustments at the front and long ends, but overall little changed across the curve.
PWLB fixed rates at the 12:13 PM reset saw small moves, with most tenors unchanged or down by -1bp; little changed overall.
PWLB PM SNAPSHOT
- → 1y: 5.49% (-1bp)
- → 3y: 5.82% (-1bp)
- → 5y: 6.00% (-1bp)
- → 10y: 6.38% (unch)
- → 25y: 6.85% (unch)
- → 50y: 6.55% (unch)
WHAT'S NEW SINCE THIS MORNING
- → Front end and belly — 1y, 3y, and 5y each down by -1bp.
- → Long end — 30y also down -1bp; 50y and 25y unchanged.
- → 10y and 25y — No change at the key 10y and 25y points.
CONTEXT
- → BRC Retail Sales Monitor — Actual 1.0% YoY, above forecast (0.70%) and previous (0.50%); retail demand remains firm.
- → Gilt 2063 tender — Cleared at 5.80%, providing a reference point for the long end.
- → IMF UK growth upgrade — IMF raised its 2026 UK GDP forecast to 1.3%, with commentary noting the UK’s plan to narrow its deficit.
- → No single clear driver — Moves are minor and not clearly linked to a single headline or data point.
LOOK AHEAD
- → Today 17:00 — BoE Dhingra speech (LOW impact).
- → Tomorrow 06:30 — BoE Governor Bailey speech (MEDIUM).
A steady PM fix with only fractional moves; markets are marking time ahead of more significant data later in the week.
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 all market days were this undramatic.