We saw both direct and indirect effects of oil price shock. Couldn't wait for second-round effects to materialize — there were indications they were on their way. Two releases of inflation expectations have crept up above 4%, household expectations around 6%. The call in May was correct.

What action is taken in July, we will see the data and calibrate policy accordingly.

Can't tell you what we will do in July. Data comes through. But inflation expectations have risen above target — that is what we should be responding to. The step in May was appropriate.

Very uncertain environment: one day war stops, next day starts again. Markets react. Our duty is to see through the noise and pick the concerning trends.

Core inflation (stripping out energy and food) we expect to peak in Q1 next year. In July meeting we will reassess whether it still peaks in Q2 next year, bearing in mind policy horizon is 12-18 months.

Insurance hikes are not particularly useful when you don't have certainty. Neither would an insurance cut be useful. The point is not to try to be preemptive.

If you are late to the game, it's a different ball game — you have to act more aggressively, which is not what you want.

I've had the benefit of interacting with Kevin since 2007. He reminded me his first visit to South Africa. He is a very decent human being and a good central banker. I look forward to his views now that he is Fed chair. I will not speculate on what he will say.

It would have or could have hurt if authorities did not act in the manner they did. Decisive action came from South African authorities. Protests were mainly peaceful. Authorities made clear we would not tolerate vigilantism; constitution protects right to protest but with responsibility and respect for property and human life.

It's always been difficult. Our duty is to make sure our policy stance is appropriate to maintain price stability. AI: central bankers would love to see productivity rise leading to growth with contained inflation. But current thinking says AI leads to demand rise that might be inflationary short-term. Long-term effects yet to be seen. Game-changing technology.

Besides the war and AI, in the southern hemisphere there is also the looming El Niño threat impacting agricultural and food crops, and fertilizer prices. So many shocks.