PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:33 reset; moves remain modest.
PWLB fixed rates at the PM reset are up 1–2bp across all key tenors, with little change in overall curve shape.
PWLB PM SNAPSHOT
- → 1y — 5.50% (+1bp)
- → 3y — 5.83% (+1bp)
- → 5y — 6.01% (+1bp)
- → 10y — 6.39% (+1bp)
- → 25y — 6.86% (+2bp)
- → 50y — 6.56% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest upward shift of 1bp across the short and medium tenors; long end (25y, 50y) up 2bp.
- → Curve remains broadly parallel; no significant steepening or flattening.
CONTEXT
- → This morning's UK 2030 gilt auction cleared at 4.95% (up from 4.79% previously), indicating some upward pressure in underlying yields.
- → IMF commentary highlights persistent fiscal pressures and rising government borrowing costs across Europe, but no single clear driver in today's inputs.
LOOK AHEAD
- → 13:30 today: US CPI (Core YoY forecast 2.5%, Headline YoY forecast 3.6%) — potential for global rates volatility.
- → Tomorrow 07:00: UK GDP MoM (forecast -0.10%) and 3-Month Avg (forecast 0.50%) — both HIGH/MEDIUM impact for sterling markets.
A gentle upward move at the PM fix; eyes now on US inflation and tomorrow's UK GDP for the next catalyst.
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 rest of life moved in 1bp increments.