The bond market was largely unchanged at midday on Monday as the market awaited the release of the US Federal Reserve’s federal open market committee (FOMC) minutes on Wednesday, and the South African Reserve Bank’s monetary policy committee (MPC) interest-rate decision on Thursday. The local market was following the firmer rand against the dollar, with a slightly more hawkish stance from the Reserve Bank a possibility following last week’s currency volatility. "We think the majority of the MPC will retain its view that the recent rand volatility was somewhat of an aberration, possibly with serious risk still to come with more downgrades risk coming through," Nomura analyst Peter Attard Montalto said. The Fed minutes were likely to reveal further commitment to its slightly more dovish stance on rates, which has kept the dollar off highs over the past two months. At 12.10 the R186 was bid at 8.63% from 8.65% and the R207 was bid at 7.42% from 7.445%. The rand was at R13.1794 against ...
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