The SA Reserve Bank eventually ran out of excuses not to reduce interest rates — but last week’s 0.25% cut in the repo rate to 6.5% was too little, too late.

As world markets debated whether the US Federal Reserve (Fed) would cut rates by 25 or 50 basis points next week, despite strong economic data — a 3.1% GDP growth rate during the first quarter and 275,000 jobs created in June — two senior policymakers outlined international best practice in how to conduct monetary policy.

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