PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates nudged 1–2bp higher across the curve at the 12:12 reset; moves remain modest.
PWLB fixed rates at the 12:12 PM reset edged up by 1–2bp across all key maturities; little changed overall.
PWLB PM SNAPSHOT
- → 1y — 5.51% (+2bp)
- → 3y — 5.84% (+2bp)
- → 5y — 6.00% (+1bp)
- → 10y — 6.33% (+1bp)
- → 25y — 6.71% (+1bp)
- → 50y — 6.38% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Front end (1–3y) up 2bp; rest of the curve up 1bp at the PM reset.
CONTEXT
- → UK retail sales for September fell -0.4% MoM (vs forecast -0.1%), with YoY growth slowing to 0.8%.
- → GfK consumer confidence dropped sharply to -24 (from -13), marking the fastest fall since Covid outside the pandemic itself.
- → S&P Global UK PMIs surprised to the upside: Services at 53.1 (forecast 51.8), Manufacturing at 52.8 (forecast 51.7).
- → News flow highlights ongoing Middle East tensions and a continued rise in oil prices, with Brent crude at $114/bbl.
LOOK AHEAD
Diary is light into tomorrow.
A steady PM fix: minor upward drift, with the market digesting mixed UK data and global risk themes ahead of next week's Budget.
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 retail sales could move as smoothly as the PWLB curve.