Monthly Report | August ’22
Introduction
Tight financial conditions, higher cost of living and production and increased policy uncertainty should weigh on valuations, earnings, and the risk premium. Valuations have come down from elevated levels, but earnings estimates remain too high. The US dollar should hold its ground in the current growth slowdown environment, keeping the Rand under pressure. Local bond yields are attractive. Local core inflation remains contained but upside risks are rising. The SARB will continue to hike rates and fiscal dynamics are improving. Global developed market bonds remain attractive given the outlook for softer growth.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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