- Risk of cutting rates too early was still seen as outweighing that of cutting too late
- Measures of underlying inflation had passed their peak
- Latest economic activity and inflation consistent with current monetary policy stance
- But further progress needed to be made in the disinflationary process
- Continuity, caution and patience were still needed
- Full accounts
This reaffirms what we already know and the messaging is likely to stick when we get to the March meeting in two weeks' time. If so, that should also rule out April as well. All the signs now are pointing towards a June move instead.
