The bond market was largely unchanged in late afternoon trade on Tuesday as the market was waiting for the outcome of the US Federal Reserve’s federal open market committee (FOMC) meeting, on Wednesday. No change in US interest rates was expected, but US treasury yields have been edging up marginally in anticipation of a June increase. The market has priced in a 70% probability of that happening. At 3.38pm the yield on the R186 was at 8.70% from 8.69%. The yield on the R207 was at 7.50% from 7.505%. The rand was at R13.3032 against the dollar from R13.4086. Analysts said bonds were stable on choppy trade in the rand, with the local currency trading between R13.26/$ and R13.42/$. Most of the gains recorded before the Workers’ Day long weekend were lost, with the market seeking new direction. US nonfarm payroll data on Friday could set the scene, with an expected 185,000 jobs created in the US in April from a disappointing 98,000 in March. A better-than-expected figure could support t...
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