South African fixed‑income markets faced a difficult month as global uncertainty pushed bond yields higher and investors gravitated toward safer assets. Local bonds weakened by more than 6%, with the FTSE/JSE All Bond Index returning ‑6.81%, driven by rising yields across both shorter‑ and longer‑dated bonds. Inflation‑linked bonds also declined as higher fuel prices weighed on inflation expectations.

By contrast, money‑market assets remained stable, with higher short‑term rates supporting modest positive returns. The rand weakened amid US dollar strength and higher oil prices, adding to volatility.

What this means for portfolios:
This reinforces the importance of diversification, managing duration risk, maintaining exposure to cash and income‑generating assets while volatility remains elevated.