PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across most maturities at the 12:19 reset; moves remain modest.
PWLB fixed rates at the 12:19 PM set saw small increases of 1–2bp across the curve; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.55% (+1bp)
- → 3y — 5.88% (+2bp)
- → 5y — 6.06% (+2bp)
- → 10y — 6.42% (+1bp)
- → 25y — 6.85% (unch)
- → 50y — 6.55% (unch)
WHAT'S NEW SINCE THIS MORNING
- → Modest upward shift of 1–2bp across the short and intermediate maturities; long end unchanged.
CONTEXT
- → UK unemployment rate fell to 4.7% (vs forecast 4.9%), with employment change at +102K (vs 20K expected); wage growth slowed to 3.7% (vs 3.8% forecast).
- → Gilt auction for 2036s cleared at 5.42%, up slightly from 5.38% previously.
- → News flow highlights continued focus on UK labour market resilience and pre-budget positioning; no single clear driver in today's inputs.
LOOK AHEAD
- → GBP inflation data due tomorrow 07:00 (YoY forecast 3.4%, prior 3.1%; MoM forecast 0.3%).
- → BoE Governor Bailey speaks tomorrow at 14:00.
PWLB rates remain stable, with only minor upward adjustments; inflation data tomorrow is the next key risk marker.
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 every reset were this uneventful.