Bullish Long-End Treasuries, Final Rate Cut Possible

South African treasury yields have declined sharply in recent trading sessions, and we remain bullish. As shown in the accompanying charts, both 10-year and 2-year treasuries have rallied, breaking through key technical resistance. The 10-year move ties in with BMI's bullish view on long-end treasuries globally - a view that has been reinforced by the US Fed's announcement on August 10 that it will reinvest maturing assets into treasuries.

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