The South African Reserve Bank paused its easing cycle as we expected today, but the commentary was dovish suggesting even if positive shocks to inflation do emerge the path of interest rates will still trend downwards. That only increases our confidence this pause will be a short one, with the SARB cutting its repo rate at its next meeting in March, and in total by 100bp to 5.75% over the remainder of the year, still well below the consensus and current market pricing.
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