Monthly Market Highlights – September 2024
The South African Reserve Bank cut interest rates by 25 basis points (bps) in September, the first reduction in over four years, bringing the repo rate to 8%. This move reflects expectations of further declines in headline inflation. In the US, the Federal Reserve reduced its benchmark rate by 50 bps – the first cut since the onset of the Covid-19 pandemic. Meanwhile, in their latest monetary policy reviews, the European Central Bank and the People’s Bank of China kept their rates unchanged. Inflation moderated in both South Africa and the US, while in Japan core consumer inflation rose for the fourth consecutive month, remaining above the Bank of Japan’s 2% target.
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