SARB has held the repo rate unchanged at 6.50% today - TD Securities

Commenting on the South African Reserve Bank's policy announcements, "The SARB has held the repo rate unchanged at 6.50% today, in line with the consensus but against our call for a cut," noted TD Securities analysts.

Key quotes

"The domestic and global environment remain broadly compatible with further easing; market risks and slower convergence of inflation expectations don't."

"The MPC has voted unanimously, demonstrating significant resilience to dovish signals, but strong sensitivity to market volatility. We roll our forecast for a 25bps cut into the November meeting from today, but stand ready to reassess in a more hawkish direction."