We're expecting a soft landing. There's not going to be the blood bath we saw in the early 1990s.

The MPC has acted early and aggressively. The soft landing scenario is still on track.

We're not expecting it to be much crazier than last summer.

It's not an environment to be seriously thinking about cutting interest rates. The economy is going through a soft landing, rather than a hard one. Inflationary pressures probably won't have much chance to dissipate.

But South Africa has become more resilient and this is likely to be a soft landing.

We are really on track for a soft landing. There are no balloons popping.