- Inflation should fall back in 2012, timing, extent highly uncertain
- Chances of inflation below or above target in mid-term roughly equal
- Significant movement in financial asset, energy prices since last meeting, BOE monitors closely
- Signs of moderating global growth lower risk of further commodity, trade price rises
- Recent developments in stock markets, euro area particular concern
- Fiscal problems of euro zone bear risk of severe financial market stress
- Range of views in MPC about balance of risks for inflation outlook
- MPC mindful of risk of generating output volatility by bringing inflation back too quickly
- Global risks for UK, MPC can use rate or QE if needs to respond to risks in eithe direction
TRANSLATION: We’s gonna sit on our hands until we get a clue
