Is “no change” the calm… or the warning?
In this episode of Number of the Day, the number is 0; because SARB didn’t cut or hike rates. The repo rate stays at 6.75%, with prime holding at 10.25%, following a split decision that points to caution rather than celebration.
Francis Herd unpacks what’s behind the pause after a run of relief for borrowers: services inflation that’s still sticky, electricity pricing pressures that can quickly reheat inflation, and a global backdrop that keeps policymakers wary of moving too fast.
The conversation also widens beyond rates into market nerves; including the risk of a correction and the question of whether AI optimism is running ahead of reality. The number is 0, but the message is clear: the hold is doing work.
