Traders are betting on deeper interest-rate cuts by South Africa’s central bank after October’s inflation slowed more than expected. Forward-rate agreements now price 71 bps of cuts over the next 12 months, up from 64 the previous day. October inflation dropped to 2.8%, the lowest since June 2020, down from 3.8% in September. However, with the policy rate 5.2% above inflation, the economy struggles with growth below 1%.