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2Y Yields Rise Slightly Ahead of Today's SARB - Expected to Keep Rates Unchanged

SOUTH AFRICA
  • Local rates seen bear flattening slightly as we kick the day off with 2Y yields +1.3bp, while the long-end remains mostly unchanged.
  • Yesterday's session saw the curve end steeper with 2Y yields dipping -2bp following a lower, but above expectations, CPI print at 4.9%.
  • The SARB will be in focus today with market pricing indicating some expectation of tightening – which may unwind following our base case for a hold at this meeting.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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