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mpc: 25 The news over the past month about the international economy had been mixed. US growth appeared to have been a little stronger than expected. Business surveys suggested that euro-area growth might have been a little weaker than expected, but retail sales and trade data had perhaps been more encouraging; members differed in the weights they attached to those different pieces of evidence. US short-term interest rates had increased on the month, and yield curves around the world remained higher than in February. The spot price of oil was considerably higher than at the time of the February Inflation Report and futures prices had also risen, suggesting that the pressure on costs from oil might persist.