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mpc: 9 News on the month about world demand had generally been a little softer. In the United States, the initial estimate of GDP growth in Q1 had been 0.8%, below market forecasts. Investment in particular had slowed markedly. That might partly have reflected the expiry of the temporary depreciation tax provisions at the end of last year. However, corporate profits remained robust and pressures on capacity were growing, so it still seemed likely that investment would continue to make a strong contribution to growth during 2005 as a whole. Stockbuilding had made a large positive contribution to Q1 growth. Net trade had made a large negative contribution, with a strong and broad-based rise in imports. Finally, consumption growth in Q1 had remained robust. So far, past and prospective increases in interest rates had not led to a marked slowdown in household spending.