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mpc: 27 The Committee agreed that a rise in interest rates was appropriate this month. On the May central projection, and assuming the existing repo rate of 4.0%, inflation two years ahead was projected to be somewhat above the target. On the market rate assumption, which entailed a rising repo rate through the forecast period, inflation would be a little above the target at the forecast horizon. Risks were broadly balanced around the central projection. It was therefore appropriate to raise the repo rate now, withdrawing some of the current monetary stimulus to demand.