Staying Ahead in a Shifting Economic Landscape

This month’s newsletter unpacks the latest local and global economic developments. On the home front, Consumer Price Inflation held steady at 3.2% over the past year, sitting comfortably near the lower end of the SARB’s 3–6% target range. However, political tension within the Government of National Unity following the Budget postponement has sparked volatility in both the rand and local bond markets.

Internationally, we take a closer look at the rising uncertainty triggered by President Donald Trump’s aggressive tariff policies. His latest round of high reciprocal tariffs has already begun to weigh heavily on the U.S. economy, with Q1 GDP growth projections slipping into negative territory — raising concerns about a potential global ripple effect.

For a deeper dive into these trends and their investment implications, read the full newsletter below:

Monthly Market & Fund Update

Summary  – March ’25