South Africa’s 10-year government bond yield fell toward 9.8%, its lowest level since July 10, as investors assessed the latest inflation data while monitoring key political and trade developments. Inflation rose slightly to 3% in June from 2.8% in May, returning to the lower bound of the South African Reserve Bank’s 3%–6% target range and leaving room for further monetary easing. The central bank is scheduled to meet next week, with markets already pricing in at least one more 25 bps rate cut this year, following cuts in four of its last five meetings. The policy decision will come just one day before US President Trump’s proposed 30% tariff on South African exports is set to take effect on August 1. On the political front, the final vote on the Appropriation Bill is expected to pass after the Democratic Alliance reversed its position following President Ramaphosa’s move to meet one of the party’s demands by dismissing a cabinet minister implicated in a misconduct scandal.