Fixed Income Q1 2012: Not A Market For The Cautious

Rates on hold, the next likely step easing

The MPC has held the policy rate of 12.00% unchanged twice since its bombshell of 10 October, when it announced a hike of 275bps. Our take is that, by tightening early and aggressively, the committee will contain core inflation pressures. The next move in the policy rate is likely to be gently downwards.

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