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mpc: 10 fall in interest rate expectations following the publication of the minutes of the January MPC meeting, as well as the effects of some weaker-than-expected economic surveys. Market participants had also cited the continued appreciation of sterling as a factor likely to influence near-term MPC decisions. Beyond 2001, however, interest rates implied by short sterling futures contracts had risen. A47 Market anecdote for the immediate policy decision had been a perceived 75:25 chance of a 25 basis points increase in the Bank's repo rate. This was broadly consistent with the term structure of market interest rates for very short maturity assets.