MARKET WRAP: Rand and JSE weaker on US rate cuts delay

The rand weakened to the lowest level in two weeks on Monday, while the JSE closed weaker as investors considered the implications of a strong US jobs report on the monetary policy outlook.

In an interview with CBS on Sunday, Federal Reserve chair Jerome Powell stated that the Fed would be cautious about cutting rates and that there would probably be fewer cuts than the market was pricing in. Additionally, Powell said the central bank’s policymakers want to see more evidence that inflation is moving “sustainably down to 2%”…