14.25%. The decision was now unanimous, as the two (out of eight) dissenting board membersthat had been voting before for a rate hike decided now to join the majority in favour of no move.

　　The short accompanying policy statement changed too. It now says that the committeerecognizes progress on the fight against inflation, especially in containing the second-roundeffects from relative price adjustments. However - it continues - the committee considers thatthe high level of inflation in the last 12 months and the inflation expectations still far from theinflation target goals provide no room to ease monetary policy. In other words, we wouldparaphrase: inflation is falling but still remains too high. Read: things are moving in the rightdirection, but we are not there yet.

　　Under normal circumstances, today's voting score and policy statement would be seen bymarkets as the BCB paving the way for rate cuts down the road.

　　However, looming impeachment and the likely associated personnel changes at the helm of thecentral bank suggest that policy guidance from the current central bank board will likely carrylimited informational content for market players.