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Bond Wrap-up 17/07

17 Jul 2017

Bond Wrap-up

Every week we give you our summary of happenings in the bond market.

The Yellen testimony that had been more dovish than expected, soft US data releases and signs of a stronger China benefitted both rand and bonds. This week local market attention will drift to the CPI data release and the MPC meeting; where we expect the SARB to remain on hold. We remain very suspicious about the successful implementation of yet another economic growth plan. Our concern about the low growth trap and its negative implication for fiscal consolidation remains.