Mark Phillips, Head of Portfolio Management and Analytics at PPS Investments, says rising geopolitical tensions and higher commodity prices are increasing inflation risks and complicating monetary policy. Despite this, the SARB held rates at 6.75%, with future decisions dependent on inflation trends and currency stability.

Philip Robotham, Head of South Africa at Schroders, warns that prolonged geopolitical tensions and elevated oil prices are increasing stagflation risks. He advises investors to stay diversified, favour resilient equities, remain cautious on bonds, and avoid reactive decisions, focusing instead on long-term portfolio robustness.

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Central banks are adopting a cautious “wait-and-see” approach as Middle East tensions drive oil prices higher and cloud the inflation outlook. With uncertainty around supply shocks, policymakers are prioritising core inflation and avoiding premature rate moves, while South Africa is likely to hold rates for now.

Global central banks are adopting a cautious “wait-and-see” approach as Middle East tensions raise inflation risks, particularly via higher oil prices. South Africa is likely to follow suit, with the SARB expected to hold rates amid rising fuel costs and uncertain inflation outlook.

Albert Botha, Head of Fixed Income at Ashburton Investments, says escalating geopolitical tensions and surging energy costs have disrupted the expected rate-cut cycle, increasing inflation risks and weakening growth. He expects the SARB to hold rates for now, adopting a cautious, wait-and-see approach amid heightened uncertainty.