Current market rate path implies around three 25 basis point rate hikes over next three years (similar to feb path)

Says ongoing tightening of monetary policy over forecast period is "appropriate" to return inflation to target over conventional horizon

McCafferty and Aaunders say q1 gdp weakness "temporary or erratic", rate rise now could mitigate risks of more abrupt change in interest rates

Most MPC members want to wait to see how data unfold "over the coming months" before raising rates, as cost of waiting low