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mpc: 27 The Committee considered the case for raising the repo rate by 25 basis points. First and foremost, the Committee's forecasts, whether based on the market yield curve or the constant interest rate assumption, suggested that an increase would be consistent with bringing CPI inflation back to its 2% target over the next couple of years. Second, although an argument could be made for bringing CPI inflation back towards target more rapidly if it could then be stabilised at that level, in practice, that degree of fine tuning, entailing more volatile demand growth, was neither feasible nor desirable. Third, for some members, the consequences of the upside risks to the inflation outlook materialising outweighed those of the downside risks because of their impact on future inflation expectations. Fourth, for one member, the continuing rapid growth of household debt, well in excess of the growth of disposable income, was increasing the vulnerability of consumption to the crystallisation of any of the downside risks to activity; a rise in the repo rate now would help to reduce the difficulties that could pose for monetary policy in the future.