The SARB kept the repo rate unchanged at 8.25% for a 6th consecutive meeting in May. Its accompanying forward guidance was cautious and non-committal, leading the market to push out expectations of eventual rate cuts in SA. Since the elections and a comment by SARB Advisor Fowkes, expectations have shifted to favour rate cuts, one before the end of the year and another in H1 2025. A Government of National Unity with the ANC/DA/IFP could see rate-cut expectations brought forward.  

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