That is if additional evidence received by then confirmed the medium-term inflation outlook embedded in the March projectionsA few members felt sufficiently confident that the three elements of the reaction function gave grounds for a reduction in the policy rates already at the present meetingThe risk of undershooting the inflation target and eventually having to pay too high a price in terms of declining activity was now seen as being at least as high as the risk of acting too early and overshooting the targetBroad consensus to wait until the next monetary policy meeting to see further evidence of, and gain sufficient confidence in, a timely and sustained return of inflation to targetMembe
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