The Guardian - The minutes published today and the Governor's letter to the Chancellor yesterday, support our assessment that early interest rate increases are unnecessary. We are now more hopeful that there will be no overreaction. The letter was less hawkish than the markets feared and the minutes show some welcome flexibility. It is significant that nobody voted for an increase. We continue to believe that it is very important to avoid monetary overkill. The risks to growth are still greater than the threats to inflation. While the MPC is required to bring inflation back to its 2% target, its remit gives it latitude to do so in a fashion which does not damage the economy in the face of external shocks. We urge the MPC to maintain a cautious stance and reject any demands for immediate interest rate hikes.