Macro Pulse Episode 31
In this episode, Jacobus discusses how the Middle East ceasefire and shifting oil prices are impacting global and emerging markets.
Macro Pulse Episode 29
In this episode, Jacobus discusses Finance Minister Godongwana’s conservative budget, infrastructure investment, and the stability of the GNU.
Macro Pulse Episode 30
In this episode, Jacobus discusses how the two-week ceasefire provided much-needed relief to emerging markets, exploring its impact on falling oil prices and the potential for South Africa to maintain economic stability.
Middle East escalation and market implications
Recent events in the Middle East mark a significant geopolitical escalation. Under “Operation Epic Fury”, US and Israeli forces launched coordinated strikes on Iranian military.
Macro Pulse Episode 28
In this episode, Jacobus Lacock discusses market performance over January, the nomination of Kevin Warsh as the new Fed Chair, and recent South African news, including updates from the SARB and the AGOA extension.
Fairtree Outlook 2026 | Macro and Markets
A sensible starting point for the year ahead is to locate where we are in the policy cycle. Globally, central banks delivered roughly 100 basis points of GDP-weighted rate cuts during 2025.
Macro Pulse Episode 27
In this episode, Jacobus discusses what 2026 could mean for global markets, emerging opportunities and South African assets, with risks you can’t ignore.
Macro Pulse Episode 26
In this episode, Jacobus discusses US Fed and SARB rate cut expectations, the outlook for SA assets and growth, developments around a potential Ukraine peace deal, Japan’s fiscal package, and highlights from the UK Budget.
Macro Pulse Episode 25
In this episode, Jacobus discusses the latest Medium Term Budget Policy Statement (MTBPS), S&P credit ratings review, the SARB Monetary Policy Committee meeting, and South Africa’s Q3 jobs data.
Mid-Term Budget Policy Statement 2025 and economic outlook
Earlier in 2025, South Africa’s National Budget was postponed from February to May due to disagreements among the Government of National Unity (GNU) partners over a proposed 2% VAT increase.
Macro Pulse Episode 24
Jacobus discusses key market developments: from strong US Q3 earnings results and the Federal Reserve’s cautious rate cuts, to SA’s removal from the grey list and China’s five-year plan prioritising domestic consumption.
Macro Pulse Episode 23
Jacobus discusses the ongoing US government shutdown, rising US–China trade tensions, China’s 15th Five-Year Plan focusing on consumption, and lower South African bond yields reflecting improving local fundamentals.
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