Editor's Thoughts.

Yesterday, for the first time since 2023, the US Fed raised US interest rates by 0,25%, taking its target range to 3.75% - 4%. Why? Well, their core inflation has stayed above the Fed's 2% target for over five years plus there’s the (not so) little matter of the war in Iran, and its impact on energy costs, pushing up inflation. What does that mean for SA? I’m no economist, so forgive the layman’s commentary: Increased pressure on the rand, higher inflation (including higher petrol prices) and an increased chance of the MPC following suit at their meeting next week.

Oh, and the feeling amongst the Fed’s FOMC is that another hike could still be on the table before the end of 2026.

In these markets, today’s episode of The Art of Manager Fusion could not have come at a better time. Should your multi-manager be making asset allocation calls? It is a great question, because in markets like these, judgement, timing and agility should translate into returns. What does this have to do with dumplings? Well, you’ll have to watch.

The shifting macro’s also make today’s reading especially relevant. Martiens Barnard (Momentum Investments) looks at a different kind of long term balancing act: how retirees may be able to build a dependable income without automatically sacrificing the legacy they hope to leave behind. The answer, he argues, may lie in moving beyond the old living annuity vs life annuity debate.

And rate hikes means more pressure on the South African household budget. Lindiwe Sebesho (Remchannel) shares how workplace flexibility can be a practical way for employers to add a real benefit to employees’ bottom lines.

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