Local government-backed securities on back foot on Thursday morning as they follow softer rand after ‘slightly hawkish’ Federal Reserve statement THE South African bond market was on the back foot in early trade on Thursday, in line with a weaker rand after the conclusion of the US Federal Reserve meeting on Wednesday night."From my point of view, it was ever so slightly hawkish and this has played out in the current market activity," Standard Bank trader Warrick Butler said.The US central bank said in a statement that it expected economic activity to expand at a moderate pace, while inflation would rise gradually toward the 2% target over the medium term.At 9.31am, the R186 was bid at 8.200% and offered at 8.190% from a previous close of 8.180%.The middle-dated R207 was bid at 7.730% and offered at 7.715% from 7.710% previously.The rand was at R12.6337 from the previous close of R12.5446.
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