SARB cautious, but still scope for further easing

Divisions on South Africa’s MPC suggest that some policymakers are keen for the easing cycle to be brought to an end following today’s 25bp cut (to 3.50%). And that seems to be the view priced into markets. Even so, with growth and inflation likely to be weaker than the Reserve Bank’s current forecasts, we still see scope for a few more rate cuts over the rest of this year.

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