On each occasion it was the view of the MPC that we were either at or close to the bottom of the interest rate cycle and we had signalled that the room for further cutting was limited.
However, in subsequent meetings, as I have said already, the outlook had changed significantly, and in effect the real interest rate was increasing with the decline in expected inflation. It is important to reemphasise that any signal is not a commitment, but a signal conditional upon no significant changes in the outlook.