PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB fixed rates nudged slightly higher at the PM reset, with moves of +1bp across most key tenors and little change elsewhere.
The 12:11 PWLB PM reset saw minor upward moves of +1bp in the short and long ends; overall, little changed.
PWLB PM SNAPSHOT
- → 1y — 5.50% (+1bp)
- → 3y — 5.81% (+1bp)
- → 5y — 5.99% (+1bp)
- → 10y — 6.36% (unch)
- → 25y — 6.82% (unch)
- → 50y — 6.52% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest +1bp upward shift in the 1y, 2y, 3y, 5y, 20y, and 50y tenors; 7y, 10y, 12y, 15y, 25y, and 40y were unchanged.
CONTEXT
- → Bank of England Governor Bailey spoke today, reiterating that energy shocks are delaying the 2% inflation target and that the BOE is maintaining tighter financial conditions.
- → Fed Chair Warsh also delivered remarks, but no immediate impact on UK rates is evident from the available data.
- → News flow is dominated by UK budget speculation and sector-specific tax headlines, but no single clear driver for today's modest rate moves.
LOOK AHEAD
- → Tomorrow 07:45: BoE Governor Bailey speaks again (MEDIUM impact).
A steady session, with only minor upward shifts at the PM fix—no major surprises for treasury teams today.
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 Fridays were this uneventful.