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Staying the course, for now

We expect the MPC to continue frontloading policy tightening with another 50bp hike to the repo rate (to 5.90%) at the conclusion of its upcoming meeting on Friday 30th September. Beyond next week, we think the MPC will revert to hikes of 25bp increments. In all, our forecast is for the repo rate to rise to 6.40% by Q1 2023, which is a touch more hawkish than the consensus.

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