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mpc: 2 Short-term interest rates were around 10 basis points higher on the month in sterling markets, unchanged in US dollar markets and around 10 basis points lower in euro markets. The weak US non-farm payrolls data for February and the Madrid bombings had triggered falls in rates, but the strong US payrolls data for March had led to increases. Sterling short-term interest rates had also moved upwards after the strong UK retail sales data were released and in response to public remarks by various MPC members during the month. In the euro area, speculation about the likelihood of a future cut in the ECB's official rates had affected market rates. Longer-term nominal sterling and euro interest rates were slightly lower. Real US dollar interest rates had first fallen, touching their lowest level since Treasury Inflation-Protected Securities had been launched, but then had more than reversed those falls in response to the March payrolls data.