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Bear Steepening Momentum Accelerates in SAGBs Pre-FOMC

SOUTH AFRICA
  • Local SAGBs seen treading water around the open this morning, having closed last week broadly on the backfoot in line with the wider EM FI space.
  • Bear steepening momentum accelerated on Friday with 10-30Y yields rising +6.5-7.1bp on the day.
  • W/w the curve ended 7-10bp higher in 8-30Y yields, with the 30Y breaching pivot resistance at 10.50.
  • 10Y yields remain most vulnerable to rising Treasury yields as we head towards the FOMC meeting this week.

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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