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 this month. The market is currently fully priced for 25bp rate cuts in September, November, and January from the SARB.
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