The South African Reserve Bank has cut the repo rate by 25 bps to 7.25%, citing slowing economic growth, says STANLIB Chief Economist Kevin Lings. The bank revised down its estimates of growth and inflation for this year and may announce a new lower inflation target of 2-4%, in line with emerging markets, in October. Another 25 bps rate cut could occur later this year, given current trends.
After two US court rulings that some of President Trump’s tariff hikes may be illegal, uncertainty about global trade conditions persists, with a risk of further disruptions.
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