Move recognises considerable progress in the economy.
Further process of normalisation is likely to be gradual.
Labour market has clearly shown signs of further improvement.
5.0% unemployment close to median longer running level.
Underemployment has also improved solidly.
Wages have yet to show sustained pick up
Business investment has shown solid gains.
Strength of dollar has also weighed on CPI.
As these transitory factors fade, inflation should rise to 2.0%.
Growth moderate in recent years despite low rate.
Stronger growth or faster inflation would make steeper hikes appropriate.
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