• Some MPC felt chances of more stimulus being needed had increased in recent months
  • Upside risks to CPI expectations broadly same, but commodity prices, weaker sterling potential risks
  • Mixed views on prospects for demand, Nov inflation report will help analysis of outlook
  • Posen felt more QE would lower risk of CPI falling below target, damaged supply capacity
  • Sentance felt failing to respond to high CPI risked loss of MPC credibility