NOW Ep107: A pivot to lower interest rates in SA?

Loading player...
Inflation is at 3%. The Reserve Bank wants to lock it there. Interest rates are edging down. But the bigger picture is far from settled:
• Growth is stuck below 1%
• US tariffs threaten trade and jobs
• The rand’s strength rests on fragile global sentiment
• Consumers are squeezed and government finances remain stretched

In this episode of No Ordinary Wednesday, Jeremy Maggs speaks to Investec Chief Economist Annabel Bishop about the shifting sands of macroeconomic policy, and what it means for business, households and markets.

Podcast key moments:
00:00 – Introduction
01:16 - What’s behind the SARB’s shift in inflation targeting? And will it or not result in significant rates cut?
04:44 - What would be the key triggers for either accelerating or pausing rate cuts?
07:43 – What sectors are potential bright spots and which structural drags are most likely to keep the annual growth rate anchored near one percent?
11:12 - What scale of impact do you anticipate tariffs will have our growth, trade balance, and broader economic outlook?
13:59 – How resilient is the South African consumer, and where are we seeing the greatest pressure on household spending?
16:22 - The rand has found support from recent dollar weakness, but how much of this strength is simply global sentiment, and how much reflects genuine improvements in South Africa’s economic fundamentals?
18:44 - How would you characterise current financial-market sentiment towards South Africa?
23:29 - Which key economic indicators will you be tracking most closely in the coming months, and why do they matter for South Africa’s outlook?

Read more on www.investec.com/now

Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business.
Chapters
  • 00:00 Introduction
  • 01:16 What’s behind the SARB’s shift in inflation targeting? And will it or not result in significant rates cut?
  • 04:44 What would be the key triggers for either accelerating or pausing rate cuts?
  • 07:43 What sectors are potential bright spots and which structural drags are most likely to keep the annual growth rate anchored near one percent?
  • 11:12 What scale of impact do you anticipate tariffs will have our growth, trade balance, and broader economic outlook?
  • 13:59 How resilient is the South African consumer, and where are we seeing the greatest pressure on household spending?
  • 16:22 The rand has found support from recent dollar weakness, but how much of this strength is simply global sentiment, and how much reflects genuine improvements in South Africa’s economic fundamentals?
  • 18:44 How would you characterise current financial-market sentiment towards South Africa?
  • 23:29 Which key economic indicators will you be tracking most closely in the coming months, and why do they matter for South Africa’s outlook?
19 Aug 2025 English South Africa Business · Investing

Other recent episodes

Macro Monday Ep106: What the Strait of Hormuz means for energy prices

What will be the impact of the hostilities in the Middle East on the world economy? Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International, examines the impact on oil prices, in particular, taking into account further disruption at the key Strait of Hormuz.
2 Mar 10 min

What's next? | The value of values

In this episode, of What's Next, we explore how corporate values shape decision-making in a time of political polarisation and markets that reward short-term performance. Ethics expert, Alison Taylor, and experienced board chair, Karen Wood, discuss the tension between purpose and profit, the realities of trade-offs, and how leaders can…
26 Feb 48 min

Macro Monday Ep105: Trump’s tariff setback

It was a difficult Friday for US President Donald Trump, as the Supreme Court ruled against his tariffs, while GDP in the fourth quarter grew by less than expected and a core measure of inflation rose. But, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, Trump…
23 Feb 13 min

Whats Next | The Tech Reckoning: Who Shapes the Next Economy?

What Next? Leadership Conversations for a Better Future examines how leaders can build future-fit economies in a time of accelerating technological and societal change. This episode looks at the power shifts created by AI and digital systems - asks where real agency still lies. Hosts Lindsay Hooper and Marc Kahn…
20 Feb 32 min