Johannesburg — THERE appears to be some unwarranted optimism creeping into the discourse on interest rates, with some analysts even suggesting we may be off the hook after the rate hike that is expected to come at next month's meeting of the Reserve Bank's monetary policy committee.
The main reason for this excessively rosy outlook is the drop in international oil prices to about $60 a barrel, which appears extremely low when viewed against recent peaks at $15 a barrel or so higher than that.
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