mpc: 17 Forward-looking surveys and feedback from contacts of the Bank's regional Agents were
consistent with the deceleration of demand in the February
Inflation Report's central projection. There
was little evidence that the downside risks to inflation from a sharper-than-expected slowdown in
activity, flagged as a risk in the February
Inflation Report, had begun to crystallise. But the impact of
the deterioration of credit conditions remained very uncertain.
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