{"id":64102,"date":"2024-04-11T16:46:07","date_gmt":"2024-04-11T16:46:07","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming"},"modified":"2024-04-11T17:08:30","modified_gmt":"2024-04-11T17:08:30","slug":"bad-news-for-interest-rates-in-south-africa-keeps-coming","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming","title":{"rendered":"Bad news for interest rates in South Africa keeps coming"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span><\/a>South Africa\u2019s central bank won\u2019t cut interest rates this year because of persistent inflation and there\u2019s even a risk it could raise them, bets in financial futures markets show.<\/p>\n

<\/a>The shift, which followed a hotter-than-expected reading on US consumer prices for March, now indicates investors pricing in a slight prospect the South African Reserve Bank will increase rates at its meeting next month.<\/p>\n

<\/a>The repricing on Thursday was in response to a sharp change in sentiment on how quickly and by how much the Federal Reserve will start cutting rates, after US consumer inflation failed to slow as expected.<\/p>\n

<\/a>That\u2019s prompted traders to erase bets on monetary policy easing in South Africa. Forward-rate agreements used to speculate on borrowing costs show traders are now pricing in an about 20% chance of a quarter-point interest rate hike at the central bank\u2019s May 30 meeting.<\/p>\n

<\/a>That compares with no change expectations at the start of the month.<\/p>\n

<\/a>Economists view the SARB as being wary of moving before the Fed from fear it weakens the rand, which would tend to push up import prices and pressure inflation. Central bank Governor Lesetja Kganyago, though, says policymakers watch the Fed but don\u2019t just follow it.<\/p>\n

<\/a>Inflation expectations have surged over the past two days, adding to the expectations of higher-for-longer in South Africa.<\/p>\n

<\/a>The nation\u2019s breakeven rate \u2014 the difference between the nominal yield on five-year sovereign bonds and the inflation-linked yield \u2014 climbed 9 basis points Thursday to 5.93 percentage points. The reserve bank\u2019s target inflation is between 3% and 6%.<\/p>\n

<\/a>Yvonne Mhango, Bloomberg\u2019s Africa economist, said the SARB will maintain its restrictive policy stance well into 2025.<\/p>\n

<\/a>\u201cReducing the inflation rate \u2014 currently at 5.6% \u2014 to the mid-point of the SARB\u2019s 3%-6% target is taking longer than anticipated,\u201d she said in a research note.<\/p>\n

<\/a>\u201cWe don\u2019t expect this target, where the SARB would like to see prices anchored, being reached until the second half of 2025, keeping the central bank on hold until then.\u201d<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s central bank won\u2019t cut interest rates this year because of persistent inflation and there\u2019s even a risk it could raise them, bets in financial futures markets show. The shift, which followed a hotter-than-expected reading on US consumer prices for March, now indicates investors pricing in a slight prospect the South […]<\/p>\n","protected":false},"author":84,"featured_media":64101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-64102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBad news for interest rates in South Africa keeps coming - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s central bank won\u2019t cut interest rates this year because of persistent ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bad news for interest rates in South Africa keeps coming\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s central bank won\u2019t cut interest rates this year because of persistent ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-11T16:46:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-11T17:08:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1712842524.472035.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Bad news for interest rates in South Africa keeps coming\",\"datePublished\":\"2024-04-11T16:46:07+00:00\",\"dateModified\":\"2024-04-11T17:08:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming\"},\"wordCount\":352,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1712842524.472035.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/bad-news-for-interest-rates-in-south-africa-keeps-coming\",\"name\":\"Bad news for interest rates in South Africa keeps coming - 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