• Little change in balance of growth risks/inflation in February
  • Impact of labour market slack on CPI may be less pronounced
  • Concerns remain about debt of certain EU states
  • Borrowing costs and oil prices may dent consumer confidence
  • Bank funding costs remain elevated despite the recent LTRO

Posen and Miles both voted for more QE favouring a £75 bln increase instead of the £50 bln addition in February