In this regard, we have been watching the effects of the liquidation of Macmed with interest. For today, given that my audience is concerned with long-term investment portfolios, I shall discuss an issue which appears to be something of a favourite topic among South Africa’s investment analysts - the term structure of interest rates, or the yield curve.
The Committee’s “least regrets” approach to policy meant it was better to risk doing too much too soon, than too little too late when it came to easing policy. The scale and duration of the COVID-19 economic shock was unprecedented and unknown. We were not alone in this action.