South African bonds were marginally weaker in late afternoon trade on Wednesday, after the rand lost more than 1.50% against the dollar as a recommendation to "nationalise" the Reserve Bank taken at the ANC policy conference spooked the market. The recommendation was adopted by the economic transformation subcommittee of the party and the proposal will now be taken to ANC structures for further discussion. The rand weakened further despite economic transformation subcommittee head Enoch Godongwana saying "the independence of the Reserve Bank should be guaranteed". Volatile trade in US and UK bonds kept the lid on yield rises in local bonds, with global bond markets seeking direction ahead of the release of the US Federal Reserve’s June minutes later in the day. "The upward run in global bond yields seemed to have stalled as several central banks from Europe and Australia, for example, fail to continue with the hawkish sentiments we saw last week," said TreasuryOne currency dealer Ph...
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