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mpc: 3 Interest rates on long-term government bonds had continued to edge up in the United Kingdom, the United States and the euro area, leaving 10-year nominal forward rates around 65 to 80 basis points above their lows earlier in the year. Most of these moves appeared to have been associated with higher real rates, but there had also been a small rise in implied inflation expectations. Credit spreads on corporate bonds had continued to be stable.