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2% inflation in the Spring would be "good news" but need to see it sustained

BOE
  • BOE asked if people would be wrong to declare victory if inflation comes to 2% in the Spring. And asked if BOE should give more guidance on when rates come down like the ECB and Fed.
  • Bailey says on the first point- inflation is projected to come back to 2% - that is good news but need to see it on a sustained basis.
  • On Q2, central banks have different ways of presenting. BOE's position is we take a decision at each meeting and review all the evidence. Important to keep every decision live (he says not giving any steer with this) but important to look at the data with fresh eyes. Reiterates question has moved to question not how restrictive, but how long.
  • Broadbent says other central banks always have conditional statements and doesn't think BOE is that different.
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