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Headlines via Reuters:

• Too early to declare victory in the battle against inflation
• June rate rise
  followed information suggesting greater upside risks to bank’s
  inflation outlook
• Some further
  tightening of monetary policy may be required, depending on how
  economy and inflation evolve
• Ambition is to
  navigate narrow path where inflation returns to target and economy
  grows
• Still possible to
  navigate, but it is narrow path and likely to be bumpy, risks on both
  sides
• Evidence indicates
  that higher interest rates are working and that inflation is coming
  down
• April CPI reading
  has not changed assessment inflation is trending lower
• Job at central bank
  is to make sure period of high inflation is only temporary; important
  we succeed
• Acknowledge interest
  rate effects felt unevenly across community, but not a reason to
  avoid using them
• If we had not
  tightened policy, the cost of living would be higher for longer
• Desire to preserve
  job market gains does not mean board will tolerate higher inflation
  persisting
• Path back to 2–3%
  inflation is likely to involve a couple of years of relatively slow
  growth