The postbudget vibes have been odd. The yield curve has steepened and the rand has sold off somewhat, though part of it is due to markets overpricing the tail risks of a potential ANC-EFF coalition and not understanding the reaction functions of various parties after the elections.

We can certainly say that the markets have not reacted to the shock of the Treasury presenting a basically unchanged primary balance pathway to that of the medium-term budget policy statement — as it might otherwise have been “meant to”. ..

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