PWLB briefing
Morning Rate Update
PWLB rates have moved modestly lower across the curve at the AM reset, with long-dated tenors seeing the largest declines.
NOTICE SUMMARY — AM reset: PWLB rates down 2–5bp across the curve, led by the long end. No single dominant driver evident.
PWLB curve edges lower as long end leads modest retreat
PWLB SNAPSHOT
| Tenor | Rate | Chg |
|---|---|---|
| 1y | 5.53% | -2bp |
| 3y | 5.87% | -1bp |
| 5y | 6.04% | -2bp |
| 10y | 6.37% | -3bp |
| 25y | 6.77% | -4bp |
| 50y | 6.45% | -5bp |
Parallel shift lower, with the largest declines at the long end.
WHAT MOVED
- → Long end leads — 40y and 50y rates down 5bp, outpacing the rest of the curve.
- → Modest parallel move — 2–4bp declines across short and intermediate tenors.
CONTEXT
- → No major UK data released so far today — Only a low-impact index-linked gilt auction at 10:00.
- → News flow light for gilts — No significant macro or BoE headlines directly impacting UK rates this morning.
CALENDAR EVENTS
Today's releases
No data released so far today.
Remaining today
- → 11:00: CBI Business Optimism Index — Forecast: -38
- → 11:00: CBI Industrial Trends Orders — Forecast: -20
- → 11:50: BoE Gov Bailey Speech
Next 48 hours
- → Fri 23 Oct 07:00: GBP Retail Sales MoM — Forecast: -0.10%
- → Fri 23 Oct 09:30: GBP S&P Global Services PMI Flash — Forecast: 51.8
- → Fri 23 Oct 09:30: GBP S&P Global Manufacturing PMI Flash — Forecast: 51.7
⚑ Treasurer's Note — PWLB rates have eased 2–5bp at the AM reset, with the largest moves at the long end. This brings 50y to 6.45% and 10y to 6.37%. The move is modest and not linked to any clear data or news catalyst this morning. Watch for any shift at the PM reset if upcoming UK releases or BoE commentary move gilt yields.
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 — cutting through the noise since the yield curve had two humps and a prayer.