Last week highlighted rising stagflation fears in the US (slowing growth and rising inflation) partly due to uncertainty around President Trump’s tariff decisions. Interest rates will likely remain unchanged at the Fed meeting this week. Domestically, the SARB is also expected to hold rates steady on Thursday. Regarding financial markets, the US faces a growing risk of an equity bear market, while the ZAR may weaken due to concerns over the 2025/26 Budget approval and the expulsion of its US ambassador.