FNB has revised its interest rate and GDP expectations downwards, resulting in a delayed housing market recovery in South Africa as tough times continue.
As a result, FNB now anticipates that the US Fed funds rate will persist at a higher level for a more extended period, with the first cut being postponed from June to September. “We have pushed out the first cut from July to November this year, with rates reaching 7.5% by the end of next year versus 7.0% previously,” said Mkhwanazi.
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