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mpc: 24 The US economy had turned out broadly in line with what had been expected then. But the data and surveys for the euro area and Japan looked rather weaker than had been expected. Members thought that there was now a greater risk of weaker world activity than had been incorporated in the November central projection, despite the sharp fall in oil prices from their recent peak. On domestic activity, there had been further signs of weakness in manufacturing and further strength in services. But, on balance, Committee members still thought that the latest indicators were consistent with a pickup in GDP growth to close to trend in Q4. House prices seemed to be moving in line with the central projection. There were few signs, so far, of the slowing housing market leading to a sharp slowdown in consumption growth. But short-term measures of money and credit were growing more slowly.