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Bailey asked if we should now expect rates for a longer period than people assume

BOE
  • Bailey says we need to start with the market curve - it does have a fall in interest rates but it goes higher before that happens. Notes that both the constant rate path and the market rate path both deliver inflation to close (but bit below) target in the medium-term. He says mean GDP projection has worsened since May as the curve is higher than in May.

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