One thing in finance minister Tito Mboweni’s favour ahead of the supplementary budget he presented on Wednesday was that he wasn’t facing a highly expectant financial market, or one that was particularly uneasy.

While there was some weakness in the bond market, it was nothing compared with the build-up to that terrible week in March when SA was hit by a double whammy of a ratings downgrade and a lockdown that closed the economy. Surprisingly, 10-year bonds ended the day on a high note, with yields dropping the most in more than a month. The rand declined, but a move of 0.8% is hardly something to panic about. ..

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