South Africa’s 10-year government bond yield fell to near 8.60%, the lowest since mid-August, tracking a global stabilization in the bond market. Lower oil prices and easing concerns over additional US sanctions on Iran helped support sentiment, offsetting continued uncertainty around stalled peace talks and the Strait of Hormuz. Investors now looked ahead to Kevin Warsh’s Jackson Hole speech for clues on the Fed’s rate outlook, with any shift in US rate expectations potentially affecting Treasury yields, the dollar and capital flows into emerging markets. On the domestic economic front, South Africa’s annual inflation slowed to 4.3% in July from 5% in June, marking its first decline in five months and coming in below the 4.5% consensus. The slowdown was largely driven by lower fuel prices, although inflation remains above the South African Reserve Bank’s 3% target and core inflation edged higher.