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S. African inflation eases, Buhari (finally) names a cabinet

South African inflation slipped to 4.0% y/y in July, suggesting to us that policymakers will cut their key rate to 6.25% in September. Risks to this view are, admittedly, growing. After delaying for seven months following his re-election, Nigeria’s president finally appointed a new cabinet. We think that policymaking will remain very slow during his second term.

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