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CPI Shifts Weekly Momentum Towards Bull Steepening

SOUTH AFRICA
  • Local rates trade moderately softer at the open, despite slightly better risk conditions out of the APAC session.
  • Yesterday saw the local curve continue its bull steepening bias brought on by Wednesday's softer GDP print that saw markets scale back rate hike bets.
  • 2Y yields pulled 9.1bp lower, drifting towards Dec-20 support at 4.65, while momentum at the back of the curve seems to have shifted higher since the start of the week.
  • W/w the front end is 17bp lower and the 10-30Y section is +8-10bp higher.

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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