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Bailey says last PMI showed slower passthrough from input costs to output prices

BOE
  • Bailey notes last PMI survey saw stronger picture for input costs than output prices. Thinks that is very interesting piece of data. PMI data tends to suggest costs are less likely to be passed through - and that seems to be in line with what are hearing when talking to people around the country.
  • Bailey says "there is no law that says the Fed has to move first and everyone else act afterwards." Says BOE are looking more at domestic inflation in the UK, and the impact of the global economy on the UK.
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