- Agreed conditions for rate cuts should materialize in 2024 if economy evolves as forecast
- Council members had differing views on when there would likely be enough evidence to judge if conditions for a cut were in place
- Members also had differing views on how to weigh risks to inflation outlook
- Indicators of underlying inflation suggested slow progress getting inflation down to target
- Expressed concern that housing continued to pose upside risks to the inflation outlook
- Saw nothing in data that would change their view that CPI inflation will remain around 3% in the coming months
- While house prices continued to fall in Jan, recent strength in resales could translate into pickup in house prices and stoke shelter inflation
- Strength in equity markets could provide a boost to consumer sentiment
