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Post-FOMC Risk-On Buoys SA Rates

SOUTH AFRICA
  • Local rates open on the front foot on firmer FI risk sentiment post-FOMC, having lost ground in yesterday's session.
  • Bear steepening losses have been almost fully reversed in today's open: 10Y -4.9bp, 15Y -7bp, 30Y -3.6bp.
  • W/w the local curve remains bull steeper, with short duration (3m-6m) leading the way lower (-15-20bp) while 15-30Y tenors trade +8-10bp higher.
  • Softer print in PPI data today may support more bull steepening in the curve.
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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