South African central bank governor Lesetja Kganyago mentioned that the pain from the country’s high-interest rates would ease as inflation slows, despite persistent price pressures. The yield on 10Y notes dropped, and forward-rate agreements show traders are pricing in a 52% chance of a 25 bps hike when the MPC delivers its next rate decision this month. Kganyago expects the consumer price index to drop under 6% in June and to average close to that level for 2023.