Between September and November, non-resident sales of equities amounted to R25.9 billion, while net bond sales amounted to R5.9 billion. We have also observed that, in recent years, capital inflows have been increasingly sensitive to shifts in the US yield curve; while the rand, since May 2013, has been negatively correlated to US Treasury yields.
Given these experiences, the lift-off in the US suggests that were higher Fed funds rates to push longer-term US yields higher, South Africa could anticipate tighter financial conditions and further pressure on the rand. Indeed, immediately following the announcement, the rand  9  Monetary Policy Review, SARB, November 2015. 10  Monetary Policy Review, SARB, November 2015.