On Wednesday evening SA time the US’s federal open market committee (FOMC) was due to announce its latest interest rate decision followed by Federal Reserve chair Jerome Powell’s usual post-FOMC press conference.

There was little doubt that the committee would again hold the policy rate at 5.25%-5.5%. The only question was just how hawkish Powell’s words would be. And for SA and other emerging markets the question is how far the Fed’s stance will affect our own currencies and borrowing costs...

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