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Overnight the Fed indicated that it is committed to continue hiking in the face of persistent core pce inflation in the US, taking the fed Funds rate to 3 to 3.25% and indicating that a further 1.25% in increases is due by year end.
In a sobering new set of projections, the Fed foresees its policy rate rising at a faster pace and to a higher level than expected, the economy slowing to a crawl, and unemployment rising to a degree historically associated with recessions.
Now its all eyes on the SA Reserve Bank’s monetary policy committee, which is widely forecast to hike the repo rate by 75 basis points (bps) to 6.25% at the conclusion of its three-day meeting today, even after Stats SA reported that inflation eased slightly to an annual 7.6% in August from 7.8% a month earlier. However, the reading was above the consensus forecast of 7.5%
To read the tea leaves for the economy I’m joined now by:
Michael Avery is joined by Annabel Bishop, Investec Chief Economist; John Dludlu, executive for strategy and public affairs at the Small Business Institute and Matthew Parks, Parliamentary Coordinator for Cosatu
In a sobering new set of projections, the Fed foresees its policy rate rising at a faster pace and to a higher level than expected, the economy slowing to a crawl, and unemployment rising to a degree historically associated with recessions.
Now its all eyes on the SA Reserve Bank’s monetary policy committee, which is widely forecast to hike the repo rate by 75 basis points (bps) to 6.25% at the conclusion of its three-day meeting today, even after Stats SA reported that inflation eased slightly to an annual 7.6% in August from 7.8% a month earlier. However, the reading was above the consensus forecast of 7.5%
To read the tea leaves for the economy I’m joined now by:
Michael Avery is joined by Annabel Bishop, Investec Chief Economist; John Dludlu, executive for strategy and public affairs at the Small Business Institute and Matthew Parks, Parliamentary Coordinator for Cosatu
