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Bailey asked if implied rate path is appropriate: "It's complicated"

BOE

Bailey asked if the current implied rate path is appropriate. Bailey largely avoiding the question and saying "it's complicated". Notes that vacancy to unemployment rate is so high, they can't see it going another way. But then there is a big shock coming down the line. The degree of which we get second round effects determines what the Bank does or doesn't have to do. Notes again its a very big trade-off situation which is why the forward guidance language is so cautious, because it is so uncertain.

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