Thomson Financial News - The Bank's May Inflation Report, with the CPI central projection in letter-writing territory until mid-2009, all but eliminates the chances of Bank Rate cuts this year. Whereas prior to April's surge in CPI inflation it was conceivable that evidence of a more severe or protracted downturn in activity could have triggered more aggressive policy easing, a majority within the MPC is likely to require decisive evidence that inflation has first been reined in.