In 2014, South African bond yields also adjusted (downwards) in line with US Treasuries despite various negative domestic developments, including rating downgrades and the deprecation of the rand, which under normal conditions would have driven yields higher. As the US policy rate hike was believed  3  Strate data.
The Governing Council will continue to closely monitor the risks to the outlook for price developments over the medium term, in particular risks related to the pass-through of the monetary policy measures as well as global economic, financial, commodity price and exchange rate developments. Our monetary policy continues to aim to safeguard price stability.