South Africa’s 10-year government bond yield eased to 8.75%, pulling back from recent one-month highs above 8.80%, in line with a broader decline in bond yields across major markets. The move came as investors became more optimistic that the US Federal Reserve could take a less aggressive approach to monetary policy, following dovish comments from Fed officials that reduced expectations of a September rate hike. Meanwhile, US President Donald Trump appeared to rule out prolonged military action in the Middle East, raising hopes for renewed talks on recovering energy flows from the region. In South Africa, inflationary pressures are building again, with further fuel price adjustments set in this months. Higher fuel costs are expected to raise transport and other prices, potentially feeding through to the broader economy and complicating the inflation outlook.