Inflation developments are encouraging, fall in core prices remarkable.

Must be careful about guiding policy for many months out.

Current level of restriction is sufficient, has increased confidence 2% target will be met in 2025.

Further rate hikes "rather unlikely" after November inflation data.

But must not declare victory prematurely.

Inflation is on the right track but more progress is needed.

No prolonged recession is seen.

Data suggests economy may be bottoming out.