You're going to go through a rough patch through the next six to 12 months. Inflation is going to be boosted by higher oil prices. There is a clear upward trend.

The general picture from the housing market has not changed.

It's a larger fall than we anticipated. This is pretty weak stuff.

Price growth is on a softening trend and we continue to believe that the outlook for the housing market over the medium term is one of flat to falling prices.

I think these minutes are fully consistent with them having to wait until next year.

If you look at the underlying numbers you'll see that underlying trade has improved. It looks like exports have improved quite a bit.

Following last week's fully anticipated decision to keep rates on hold, the February inflation report meeting might prove more contentious, depending on how the next two weeks of data turn out.

The prospects for a rate cut have certainly increased. You have weaker inflation and in addition there are risks to gross domestic product growth.

I'm surprised they haven't talked about a rate cut at all.