South Africa's 10-year government bond yield fell to around 8.47%, near the lowest since July 10, as traders continued to assess the outlook for inflation and interest rates. A weaker-than-expected US employment data reduced expectations of Fed rate hikes, encouraging investors to rotate into higher-yielding emerging-market debt. Meanwhile, uncertainties persisted regarding a potential US-Iran deal to fully reopen the Strait of Hormuz, keeping concerns over energy supplies alive. Domestically, the South African Reserve Bank unexpectedly left its repo rate steady at 7% on July 23rd in a split vote, surprising markets that had anticipated a rate hike. The decision reflected policymakers' efforts to balance persistent inflationary pressures against subdued domestic economic growth amid heightened geopolitical tensions. Despite leaving rates unchanged, the SARB maintained a hawkish stance, suggesting that at least one more rate hike remains likely this year, possibly as soon as September.