An ongoing slowdown in inflation cements the case for another SARB rate cut at its upcoming November meeting, especially following the US Fed’s decision to cut interest rates by 25bp this week. SARB Governor Kganyago’s push for an inflation target more in line with global standards and closer to the current lower band of 3% supports the likelihood of a 0.25% cut rather than a greater cut of 0.50% this month.
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