This report covers the period from February 2025 to February 2026. I began this period believing that the overall trend of disinflation towards our target continued and so some further removal of monetary policy restrictiveness was likely to be appropriate. My subsequent voting record reflects my view that there have been two-sided risks to our central projection, but that the risk of inflation persistence has outweighed that of weaker demand over the past year. My voting record also reflects the high importance I have placed on ensuring inflation returns sustainably to target given we are now in the fifth year of ... (full story)