South African bonds were steady on Wednesday morning as the market looked forward to the release of consumer inflation data for September later in the day.Consumer inflation is expected to have accelerated slightly to 4.9% from 4.8% in August. Economists forecast the uptick in inflation to come from higher petrol and diesel costs and the expected effect of quarterly price surveys of rental inflation and domestic worker wages. Local bonds were little moved by President Jacob Zuma’s surprise Cabinet reshuffle on Tuesday, which also had minimal impact of the rand. In a knee-jerk reaction, the rand initially lost 6c against the dollar while the R186 bonds softened by eight basis points just after the reshuffle was announced.However, both bonds and the rand made slight recoveries in later sessions.Rand Merchant Bank analyst Deon Kohlmeyer said that considering the reshuffle news was released shortly before the weekly National Treasury auction, it came as no surprise that total bids came ...
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