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mpc: 3 The sterling yield curve was now more or less flat until the middle of 2006, consistent with the average of economists' forecasts for the repo rate at end-2005 from the Reuters survey. Indeed, both prices of options on sterling short-term interest rate futures and the distribution of responses to the Reuters survey suggested some perceived downside risk to interest rates in 2005. The implied path of sterling, US dollar and euro official interest rates had flattened significantly since the August Inflation Report, apparently in response to weaker perceived global growth prospects, linked partly to higher oil prices.