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mpc: 26 Interest rates had risen internationally and at all maturities since the March MPC meeting. But over the same period equity prices had risen strongly, house price inflation had remained at a quarterly rate of around 2% and the exchange rate had fallen by over 1%. Taking these developments together, the Committee agreed that asset prices were likely to be supportive for UK demand growth going forward. Recent monetary tightening in the major economies had not caused any disturbance in financial markets.