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

What we have here is still the soft-landing scenario we've been predicting over this year. I suspect the increase we have in this report is an aberration because of the weather.

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

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

The stronger tone of recent data was clearly enough to prompt most members of the MPC to vote to keep interest rates on hold today, but we would not be surprised if the decision was rather closer than the markets seemed to think.

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