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mpc: 4 Short-term and long-term nominal interest rates had fallen materially in the United Kingdom, the United States and the euro area. The movements in US and UK short rates apparently reflected perceptions by market participants that the prospective tightening of monetary policy in both countries would be slower to materialise than previously believed. This change of view had been associated with lower-than-expected consumer price inflation in both countries, and ­ in the United States ­ with public comments by monetary officials that had been interpreted as meaning that interest rates would remain low for some time to come, even though the statement released by the FOMC at the time of their December meeting suggested that the risks to inflation had become more balanced.