Fears of a US recession have sent all major stock markets tumbling after US jobs market data came in lower than expected for the month of July. In this episode of No Ordinary Wednesday, host Jeremy Maggs asks Investec Chief Economist Annabel Bishop whether the Federal Reserve has left it too late to begin cutting interest rates. They also look at what this all means for the Rand. Key podcast moments: 00:00 - Intro 01:00 - What's behind the global rout in stock markets? 02:56 - Chances of the Fed declaring an emergency interest rate cut in response to market turmoil 03:47 - Impact of stock market rout on the Rand 05:24 - Investec's latest inflation outlook for South Africa 07:21 - South Africa's GDP outlook 09:56 - Positive news for SA consumers 11:30 - Impact of the two-pot retirement system on consumers 12:57 - Impact of the two-pot retirement system on the economy 14:39 - Positive sentiment from foreign investors for SA bonds and equities 16:51 - Is the private sector going to start investing more in their operations? 18:56 - Gold market update 20:30 - Closing remarks Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Read more on www.investec.com/now