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Bailey says around 30% of tightening still to come through to real economy

BOE

BOE asked if can quantify how much of past tightening is still to pass through to the real economy.
Bailey says important

Q. Back in November thought about half the effect had come through. Now think about 30% is still to come through. 2 reasons: 1) More time has passed. 2) The market curve is lower since November- and that reduces the amount that will come through.

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