Repo rate: The SARB kept the repo rate unchanged at 8.25% for a seventh consecutive meeting in July. However, there was a dovish twist, with two members of the MPC voting to cut rates by 25bp. The central bank is likely waiting until the Fed starts reducing rates, which now looks like it will do in September. The market is currently positioned for a certain 25bp cut in September and a very strong chance of a follow-up rate cut in November.
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