South African bonds were weaker on Monday morning, while the rand was steady, with market expectation skewed towards the much-anticipated interest-rate announcement in the US.The US Federal Reserve bank is widely expected to raise its target rate by 25 basis points to 1.25%-1.5% when it meets on Wednesday.The US jobs data for November showed solid growth in the labour market, although wage growth remained subdued. The US economy created 228,000 new jobs in November; analysts had expected the figure to be 195,000. Hourly earnings were up 0.2%, lifting the annual increase in wages to 2.5% from 2.3% in October.Rand Merchant Bank analyst John Cairns said the market had priced in a US interest rate increase, so the attention would be on the Fed’s forecasts and press statement. "Expectations are broadly that it is too early for the Fed to increase its forecasts, although there could be a more hawkish tilt in the press statement."Locally, market participants are waiting for the outcome of ...
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