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Sanlam Private Wealth, Market Commentary, 28 March 2024
Local Markets
The Top-40 index added 0.4% during the session yesterday. The South African Reserve Bank (SARB) decided to maintain the repo rate at 8.25%, emphasizing the need for a restrictive policy stance due to high inflation expectations, aligning with analysts` forecasts. South Africa`s consumer inflation edged closer to the SARB`s upper target of 6%, potentially delaying rate cuts this year. The SARB reiterated its preference for inflation to be between 3% and 6%, aiming for it to stabilize around the midpoint before considering rate adjustments.
American Markets
On Wednesday, U.S. stocks saw gains, with the Dow leading the way and the S&P 500 closing at a new record high, driven by drugmaker Merck. Investors awaited the next inflation data and Federal Reserve commentary for clues on future interest rate moves. Despite recent reports showing higher-than-expected inflation in consumer and producer prices, market expectations for a rate cut of at least 25 basis points from the Fed in June remained steady. The Fed`s projections for three rate cuts this year, set at its recent policy meeting, have been maintained by central bank officials in their comments this week.
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