PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 2–3bp higher across the curve at the 12:14 reset; moves are modest and broad-based.
PWLB fixed rates at the 12:14 PM reset rose by 2–3bp across all key maturities; little changed in market tone, but the upward drift is clear.
PWLB PM SNAPSHOT
- → 1y: 5.53% (+2bp)
- → 3y: 5.85% (+3bp)
- → 5y: 6.02% (+2bp)
- → 10y: 6.39% (+3bp)
- → 25y: 6.83% (+2bp)
- → 50y: 6.53% (+2bp)
WHAT'S NEW SINCE THIS MORNING
- → Modest, broad-based upward shift: All key tenors up 2–3bp, with the 3y and 10y points seeing the largest moves (+3bp).
- → No single part of the curve stands out; the move is consistent from short to long end.
CONTEXT
- → News flow highlights ongoing inflation concerns and fragile UK consumer confidence, but no major data or events have landed today to drive rates.
- → Headlines note rising mortgage rates and a challenging backdrop for UK businesses ahead of the Budget.
- → No single clear driver in today's inputs.
LOOK AHEAD
- → No further UK data due today.
- → Tomorrow 07:00: UK Unemployment Rate (forecast 5.0%), Average Earnings incl. Bonus (forecast 3.80%), and Employment Change (forecast 60K) all due before market open.
A steady, modest repricing higher—no fireworks, but the direction is clear enough for now.
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 local government moved as predictably as the PWLB reset.