Glacier Money Market Fund Comment- Jun 13 - Fund Manager Comment29 Aug 2013
Inflation decreased from 5.9% to 5.6% year on year from the previous month. Inflation is expected to remain within the target range of 3% to 6% for an extended period. Risks to inflation remain evenly balanced.
The money market yield curve steepened during the month. The 3-month rate increased from 5.125% to 5.150% and the 12-month rate increased from 5.633% to 5.825%.
Treasury bills in the 91 days traded above the bank rates and credit spreads on short term corporate credit narrowed during the month.
Current forward rates suggest that the repo rate will remain unchanged for an extended period with the risk towards a rate hike going forward.
Glacier Money Market Fund Comment- Dec 12 - Fund Manager Comment17 May 2013
Inflation remained unchanged at 5.6% year on year from the previous month. Inflation is expected to remain within the target range of 3% to 6% for an extended period. Risks to inflation remain evenly balanced.
The money market yield curve flattened during the month. The three-month rate was unchanged at 5.125% and the 12-month rate decreased from 5.550% to 5.466%. Treasury bills in the 91 day area of the curve traded below the bank rates and credit spreads on short-term corporate credit narrowed during the month.
Current forward rates suggest that the repo rate will remain unchanged for an extended period
Glacier Money Market Fund Comment- Mar 13 - Fund Manager Comment17 May 2013
Inflation increased from 5.4% to 5.9% year on year from the previous month. Inflation is expected to remain within the target range of 3% to 6% for an extended period. Risks to inflation remain evenly balanced.
The money market yield curve steepened during the month. The three-month rate increased from 5.083% to 5.125% and the 12-month rate from 5.500% to 5.662%.
During the month, the SA Reserve Bank set new criteria for banks to be contributors to the JIBAR rates. These new criteria caused the number of banks contributing to the JIBAR rates to decrease and the money market rates to increase slightly as mentioned above.
Treasury bills in the 91 day area of the curve traded above the bank rates and credit spreads on short-term corporate credit narrowed during the month.
Current forward rates suggest that the repo rate will remain unchanged for an extended period and the risk of a rate cut has been reversed.