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mpc: 23 The Committee also examined projections for GDP growth and CPI inflation conditioned on an estimate of market expectations for official interest rates. These estimates implied a slightly higher level of interest rates by the end of the projection than in the equivalent projections in February. The profile for GDP growth was marginally lower than in the constant rate projections. The profile for CPI inflation was also lower, but still a little above the 2% target rate at the two-year horizon.