Unanimous, as expected.

  • MPC agreed recent developments had not substantially changed view on medium term outlook
  • Short term inflation likely to be higher than previously thought, still benign longer term
  • Will watch CPI expectations closely but expect CPI to fall below target after near term spike
  • Data suggests UK economy has begun to expand again, albeit weakly, see Q4 2009 GDP positive
  • Policy stimulus, weaker sterling still main economy supports, big tailwinds and headwinds
  • Big fiscal consolidation needed, monetary policy would would have to respond to picture as picture clears
  • February inflation report forecasts will provide better assessment of factors affecting economy

There we have it. Nothing startling there. Cable pretty steady post release. Presently at 1.6305 having earlier found buyers just ahead of 1.6250 support.