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mpc: 26 Overall, the news on the month was mixed. The latest data and surveys suggested that the near- term outlook for domestic activity was broadly as had been expected, as were developments in the labour market. But world activity and oil prices had looked rather weaker than expected, while supply-chain price pressures had continued to increase. Market expectations for the path of interest rates over the next year or so had fallen a little further, on top of a substantial fall since the summer. The sterling effective exchange rate had risen. Members gave different weights to the various risks identified at the time of the November Report, and to developments on the month. For some members, the news was balanced and no change in interest rates was appropriate. For others, the downside risks to the inflation projection had increased, but not enough to make a persuasive case for a reduction in interest rates. All members concluded that no change in the repo rate was appropriate this month.