MARKET WRAP: Rand caps best week in eight months as US Fed chair softens stance
Powell’s softer tone saw money rush back to emerging markets, with the rand and local bonds benefiting
The rand maintained its yield advantage over developed-market investments after US Federal Reserve chair Jerome Powell’s less hawkish comments saw US Treasury yields tumble.
At the much-anticipated Jackson Hole symposium on Friday, where central bankers gather to discuss pressing economic issues, Powell indicated that the Fed could begin withdrawing some of its easy-money policies before the end of the year, though interest rates hikes may still be some way off...
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