Taking stock of the SARB’s surprise

The dust is still settling on the SARB’s unexpected decision to hike interest rates yesterday, with the rand strengthening slightly against the US$ so far today. Nevertheless, the currency is still weaker now than it was prior to yesterday’s surprise hike. There are a number of possible explanations for this but, either way, the key is that all of these point to further tightening over the coming months.

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