South Africa Takes Short-Term Pain to Stay One Step Ahead of Fed

  • Economy is in a stagflationary bind, Citadel's Herman says
  • Rate increase may help to underpin the rand before Fed meeting

South African Reserve Bank Governor Lesetja Kganyago took the tough decision to inflict short-term pain on the economy by staying ahead of the U.S. Federal Reserve and avoiding a potential rout in the currency.

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