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Money Market FundsThe SARB matched consensus expectations and cut interest rates by 25bp at its November MPC meeting, with the vote unanimous.
This was the first MPC meeting since the new inflation target regime was formally adopted, but the MPC members agreed that there was scope now to cut rates and make policy less restrictive while still progressing toward the new target.
The SARB’s inflation forecasts were trimmed marginally compared to those from the September meeting, while GDP growth estimates were raised. The QPM, finally, points to a similar path as seen in September, with rates expected to average 6.19% by the end of 2026 and 5.99% by the end of 2027.
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