Stock in trade: There has never been a 20-year period when equities did not go up or did not outperform bonds, says Nobel economics laureate Richard Thaler. Picture: ISTOCK
Stock in trade: There has never been a 20-year period when equities did not go up or did not outperform bonds, says Nobel economics laureate Richard Thaler. Picture: ISTOCK

Local government bonds were steady on Wednesday morning, despite a firmer rand, with subdued trade expected to persist into the weekend.

The dollar was under some pressure following the announcement that US Secretary of State Rex Tillerson would be the latest senior White House official to depart.

Tillerson’s departure comes as the US gears up for potentially crucial talks with North Korea and pursues a more protectionist stance towards global trade.

US inflation on Tuesday met market expectations and, with this out of the way, focus will shift to local inflation data, due on Tuesday, said Sasfin Securities bond analysts.

The week had been light on market-moving data and the same lethargic conditions were likely to persist into the weekend, said Sasfin.

At 9.30am the benchmark R186 was bid at 8.07% from 8.08% while the R207 was bid at an unchanged 6.68%.

The rand was at R11.7540 from R11.8099.

The US 10-year treasury was last seen at 2.8310% from 2.8672%.