September 2023 Economic Review
September opened with the G20 Summit, when world leaders came together in one setting to discuss global issues under the theme of “One Earth, One Family, One Future”. The European Central Bank (ECB) raised rates to 4% in September, taking them to the highest level since 1999. While the US Federal Reserve (Fed) kept rates unchanged at 5.25%-5.50%, Fed Chair Jerome Powell anticipated further rate hikes would be needed to achieve the 2% inflation target.
Monthly Market Highlights – September 2023
South Africa’s inflation rate rose to 4.8% in September, with SARB maintaining interest rates at 8.25%. Speculations of a rate hike in November arise from food price inflation and economic uncertainties.
Graviton possesses the formula for a winning team
Ready, set, kick-off! 8 September marked the official start of the much-anticipated 2023 Rugby World Cup (RWC) in France. Supporters and sports professionals of all backgrounds will be watching for the duration of the tournament to determine whether the preparations made behind the scenes match the performance on the field. All eyes are on the current champions, South Africa’s Springbok rugby team, and whether they can defend their hard-won 2019 RWC title and emerge victorious yet again in 2023.
August 2023 Economic Review
Globally, the US is continuously looking at ways to tame inflation to achieve the 2% target and has put restrictive monetary and fiscal measures in place, one of them being the need to increase interest rates. Locally, the inflation rate continued slowing to a little below the upper end of the 3-6% target range, but the SA Reserve Bank Governor says there are still some inflation risks to be monitored.