South Africa’s 10-year government bond yield eased to around 9.58%, a one-week low, as investors welcomed progress in monetary policy reforms. A joint statement from the Treasury and SARB confirmed that work on reviewing the country’s inflation target is nearing completion. Since 2000, the inflation target has remained at 3–6%, with the SARB focusing on the midpoint of 4.5%. However, at its July 2025 meeting, the Monetary Policy Committee expressed a preference for keeping inflation closer to the lower boundary. SARB Governor Lesetja Kganyago has long advocated lowering the anchor point, arguing that it would reduce inflation volatility and ease debt pressures. His push to tighten the target underscores a commitment to stronger inflation control, which is expected to support fiscal discipline and price stability over the long term. Meanwhile, traders continued to weigh global uncertainties, including tariffs imposed by Trump and heightened geopolitical tensions.