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Brief note intended as a more regular interface with our clients. The emphasis is to provide our interpretation of important economic events, such as South African Reserve Bank interest rate statements, and key data releases, including GDP growth figures.
The SARB held rates steady, but the policy narrative has shifted. A higher oil price outlook has lifted near-term inflation and pushed out expected rate cuts, with the MPC adopting a more cautious stance. With risks now skewed away from easing, further hikes cannot be ruled out if the shock persists.
