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The United States (US) Federal Reserve (Fed) is set to deliver its final interest rate decision for 2025 on 10 December, with market expectations leaning towards another 25 basis point cut and investors are preparing for what may be the Fed’s third consecutive rate cut this year. Our Chief Economist, Maarten Ackerman, notes that a weakening labour market and rising unemployment are adding pressure on the Fed to ease once more, despite inflation remaining above target. A further cut would close off 2025 with a more accommodative stance, signalling the Fed’s priority to stabilise employment conditions even as inflation challenges persist. Listen to Maarten’s expectations for the Fed’s final interest rate decision of the year. #CitadelSA #BeyondRemarkable #Fed #EconomicOutlook

Our Chief Economist, Maarten Ackerman, joined Ntaoleng Lechela, BusinessDayTV news anchor, to discuss South Africa’s (SA’s) latest Q3-2025 gross domestic product (GDP) print. While GDP growth may have softened to 0.5% quarter-on-quarter, Maarten notes that the situation is more nuanced, highlighting several indicators of economic resilience. In the interview, Maarten highlights: · Annual growth has strengthened to 2.1%, the strongest in years. · Almost every sector grew, signalling a more sustainable and broad-based recovery. · Fixed capital formation is finally turning positive (+1.6% after three negative quarters), a critical early indication that investment and private participation are beginning to return. · SA is gradually moving out of a “per-capita recession,” but growth still needs to accelerate to 2.5–3% to meaningfully address unemployment. · The national reform agenda and private sector involvement in energy, logistics, ports and rail will be essential to sustaining momentum. Maarten also unpacks global headwinds, including tariffs and why their impact may be less severe than initially feared, as SA increasingly trades with emerging market partners. Watch Maarten's GDP analysis below. #CitadelSA #BeyondRemarkable #GDP

Citadel Fiduciary Managing Director, Hilary Dudley, was recently featured in an article by Eleanor B., Senior Reporter, Citywire. Hilary unpacked why delayed inheritance is emerging as a powerful strategy for preserving family wealth across generations. With families now spanning three to four generations and heirs increasingly inheriting later in life, Hilary explains how postponing the transfer of wealth can help build financial maturity, independence and responsible stewardship. Key insights from the article include: · Delayed inheritance helps develop independence and financial discipline · Families are prioritising support through education and business opportunities · Balancing support with stewardship is essential to prevent dependency · Trust structures, professionally drafted wills and expert advisory support remain vital · Open discussions around death, legacy and financial purpose help ensure clarity and continuity With the global wealth transfer projected to reach R1.8 trillion by 2048, these insights are increasingly relevant as shifting lifespans, mobility and extended retirement reshape traditional inheritance planning. Follow the link to read the article: https://bit.ly/3JHAgsi #CitadelSA #BeyondRemarkable #GenerationalWealth

Finance Minister Enoch Godongwana’s Medium-Term Budget Policy Statement (MTBPS) struck a notably positive and credible tone, signalling growing commitment to fiscal discipline. According to our Chief Economist, Maarten Ackerman, “If we analyse the good, the bad and the ugly in this budget, it’s positive to note that there really was no ugly.” Key takeaways included: · The introduction of a lower inflation target of 3% is expected to strengthen the rand and support consumer spending. · Improved revenue collection and government underspending have helped reduce the deficit, with debt now projected to stabilise at 77.9% of gross domestic product (GDP) in 2025/26. · The government’s growing willingness to partner with the private sector on infrastructure projects could unlock new growth momentum for the economy. “This budget wasn’t designed to excite the markets - it was designed to build confidence through credibility and fiscal stability,” says Ackerman. Explore a detailed analysis of the 2025 MTBPS here: https://bit.ly/4hYIAAy #CitadelSA #BeyondRemarkable #MTBPS2025

Citadel Chief Economist, Maarten Ackerman, recently joined Citywire South Africa Editor, RUAN JOOSTE, on the Money Markets and Masterminds podcast to unpack what has been a volatile, yet surprisingly resilient year for global markets and to share how investors can “box clever” as we move into 2026. Maarten reflects on the year’s unexpected upside and offers a forward-looking perspective on the global and South Africa’s (SA) economic landscape: · He notes that global markets have shown remarkable resilience despite ongoing headwinds. · The United States (US) economy has demonstrated impressive adaptability, avoiding a sharp slowdown. · Global trade dynamics are also evolving, with emerging markets becoming less reliant on the US. · When turning to SA, he highlights that while challenges remain, structural reforms and a favourable commodity environment have contributed to steady progress. · He emphasises that investors must remain disciplined, focusing on risk management, global diversification and high-quality companies that can withstand volatility while delivering sustainable returns. Follow the link to listen to the episode on Citywire’s Money Markets and Masterminds podcast to hear Maarten’s insights on the global outlook, SA’s reform trajectory and Citadel’s investment philosophy: bit.ly/43XNbNn #CitadelSA #BeyondRemarkable #EconomicInsights #InvestmentStrategy

Making the leap from corporate life to entrepreneurship takes more than courage; it demands strategy, structure and self-awareness. Zanele Zungu, CFP®, Advisor at Citadel, unpacks why this shift is far more than a career move. It’s a financial, emotional and strategic transformation that must be carefully and intentionally planned. “Freedom without structure is chaos,” she says. “The most successful transitions aren’t impulsive leaps, but carefully phased strategies that balance ambition with financial discipline.” From replicating the safety nets of corporate life to managing liquidity, mitigating concentration risk and building sustainable business structures, Zanele shares expert insights on how to transition safely into entrepreneurial freedom, while protecting long-term wealth and legacy. Follow the link to read her article on BusinessBrief & bbrief: https://bit.ly/483unxN #CitadelSA #BeyondRemarkable #Entrepreneurship