J-P du Plessis

Portfolio manager and Investment Strategist. Fixed income investments in South Africa and Globally. Wine and fine dining enthusiast. The views are my own.

[J-P du Plessis @JP2plus3]

Big front end rally yesterday and then a CPI beat this morning. It’s almost as if someone knew 🤔

[J-P du Plessis @JP2plus3]

Markets

[J-P du Plessis @JP2plus3]

@geordinhl @CityofCT @Our_DA @WesternCapeDA Could be so much better if it was run efficiently. Buses should have gps and show their position on the app. Can’t use a normal credit card on the bus and the process to get a card is a major schlep. Tried to use last year in sea point and gave up as buses late or never arrived.

[J-P du Plessis @JP2plus3]

Just remember bondholders profits are taxpayers losses.

[J-P du Plessis @JP2plus3]

@madaboutmarkets Agree they should have cut. They are obsessed with embedding the 3% inflation target. It’s the governors legacy. I think they over estimate their ability to micro manage the inflation rate in an open economy with structural rigidities.

[J-P du Plessis @JP2plus3]

@rugbyworldcup Rassie to lose a game against Italy just so he can crush England in the round of 16 and really piss off World rugby. He’s in your head.

[J-P du Plessis @JP2plus3]

@robin_j_brooks Maybe they should stop issuing out there (like the US) and the supply/demand solves the issue :-). Is the currency or the bond market more important? Must be gauling to have been a widowed by this trade over the last 30 years and it to finally paid off in spades.

[J-P du Plessis @JP2plus3]

Develop world investors hate their gov debt. Looking for alternatives gold, crypto, credit and EM debt. Lower inflation and current EM govt fiscal discipline luring them in. These mkts are smaller than Develop world gov debt and so moves are exaggerated in both directions.

[J-P du Plessis @JP2plus3]

@brettruganalyst ABs clearly had the dominant tackle. Not 1 Ireland player entered through the gate while ABs had 3. The Irish 4 literally watched from the side and then flopped on the ball to prevent it coming out and the ball was still available to the ABs.

[J-P du Plessis @JP2plus3]

“What do you do if you are driving in the fog? You slow down.”
Great line by Jerome Powell reacting to government shutdown data absence.

[World of Statistics @stats_feed]

The world's first hard drive, the IBM 350, was introduced in 1956. It was leased to companies for $37,600/month (adjusted to 2024), weighed one ton, and held 3.75 MB, about the size of a small PDF file.

[J-P du Plessis @JP2plus3]

The Fed is being bullied into being more hawkish than it would want to be. Trump has set them up as the scape goat for any slowdown, so they need to try and ensure it doesn’t happen. This requires them to err on the side of looser rates.

[J-P du Plessis @JP2plus3]

@cocker A familiar sight to any souther suburbs parent at a Paarl school.

[J-P du Plessis @JP2plus3]

@mark_keohane These are great rugby players that can’t win a convincing lineout and gave away 4 penalties for running into each other. Suggests lack of clarity of game plan or discomfort about the strategic plan.

[J-P du Plessis @JP2plus3]

Bessent says rates should be lower by 150bps. Is this classic game theory? Fed doesn’t deliver they provide scapegoat. Ramping up the rhetoric probably makes the governors more inclined not to cut. If they cut you can’t blame them?

[Jamie Kennedy @jamierkennedy]

Links golf hits differently.

Official photographers have taken more than 20,000 photos at @TheOpen so far this week.

I scanned through them all to pick the 25 best.

Enjoy 🧵

[J-P du Plessis @JP2plus3]

Spot on from @johnauthers this morning

[J-P du Plessis @JP2plus3]

https://t.co/cGJaVde80m

My thoughts on the #SARB meeting tomorrow. Spoiler alert, they should cut!

[J-P du Plessis @JP2plus3]

The budget in 1 chart #Budget2025