In its summary of deliberations - or minutes - of the policy meetings that preceded the decision, the six-member governing council said growth and inflation had both been stronger than expected. "Members were of the view that with the resurgence in household spending growth, the pickup in consumer confidence, and the slowing in disinflationary momentum, monetary policy did not look to be sufficiently restrictive," the minutes said. On June 7 the central bank, which had been on hold since January, raised its overnight rate to 4.75%.