Board expects to increase interest rates further over the period ahead.

Not on a pre-set path, could return to 50 bp moves or keep rates unchanged for a time.

Watching global economy, household spending, wage and price setting behavior.

Understand that many people are finding the rise in interest rates difficult.

Need to ensure a current period of higher inflation is only temporary.

Likely will have to live with more variability in inflation in the future.

Will be increasingly problematic to set a narrow range for inflation targets.

Strong nominal anchor for inflation is more important than ever.

Important for governments to maintain a strong underlying structural budget position.