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mpc: 2 Yield curves had moved little over the month. Short-term interest rates were a little lower in the United States and in the euro area, and barely changed in the United Kingdom (having risen a little in the previous few days). Longer-term nominal rates had been uniformly lower at maturities out to ten years until a day or two before the meeting. Those lower rates were associated mainly with lower real interest rates rather than with changes in expected inflation.