South Africa's rand flat in cautious trade ahead of Fed

JOHANNESBURG (Reuters) - South Africa's rand was largely unchanged on Wednesday ahead of a central bank decision on interest rates in the United States that investors will watch closely for hints on the future pace of policy easing by the Federal Reserve. * At 0645 GMT the rand had inched up 0.25 percent to 14.3255, little changed from New York close at 14.3620. * U.S. Federal Reserve set to keep interest rates unchanged, pushing back any increases until September or December, but hawkish tone on economy could pressure rand. * Technical analysis suggests currency slightly overbought, seen edging back to 14.4500 support. * Blue chip Top-40 futures index up 0.46 percent, indicating bourse will open firmer at 0700 GMT. * Government bonds extend rally, yield on paper maturing in 2026 sheds 6 basis points to 8.69 percent. (Reporting by Mfuneko Toyana; Editing by Joe Brock)