Following the ECB decision in January, last week saw the US Federal Reserve and Bank of England announce their decisions on rates, with both opting to hold for now. While it was widely expected that monetary policy would remain on pause, central bank watchers were parsing the press conferences for subtle signs that both central banks would move soon. In the aftermath of the meetings, main markets had moved little, with investors having already digested incoming data and comments by key central bankers over the New Year period, and adjusted rate expectations accordingly.