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BOE: Bailey says the BOE added "careful" to add uncertainty:

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  • "I want to be clear that you should see gradual and careful together, and you could all you should also see, by the way, from the minutes of the MPC, that there was quite a, quite a debate about the choice of the second word. There wasn't a debate about the choice the first word. Because, as you know, we've been using that for some time... I think we've seen good progress on [persistence], but we continue to use the word gradual, because we continue to have to see that process of disinflation take place... we've added the word careful, deliberately."
  • "Let me emphasize... that around that you should see the greater uncertainty that we face in the current environment... that uncertainty is both domestic and global."
  • "So the domestic uncertainty... the interpretation of a weaker growth profile and to what extent its demand and to what extent its supply, and underpinning that also, frankly, the different challenges in reading some of the some of the data at the moment, and particularly on the supply side... if you look at the the evolution of the last 12 months, we've had an increase in on the Supply side, we've had an increase in population, I think we've had an increase, therefore in labor supply, we haven't had a change in GDP. Therefore you can only conclude mathematically that productivity has got much worse. And you can see that in the term, because it's actually negative. Now, I think there's a lot of uncertainty around what the true story, what the true position here is... it's one of the reasons why we do think growth is going to pick up, because it would be unusual for that negative situation to remain."
  • "There's also global uncertainty... since we're all witnessing it from day to day. So there is... heightened uncertainty. It's two sided, as we've stressed. So, you know, it could lead to conditions which actually make the path of disinflation less assured. It frankly, could also, on the other side, lead to conditions which have the opposite effect, and, you know, lead to it being a faster path for disinflation. ButBut there is more uncertainty. That's why we've paired gradually and careful. Is Ed next?"
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  • "I want to be clear that you should see gradual and careful together, and you could all you should also see, by the way, from the minutes of the MPC, that there was quite a, quite a debate about the choice of the second word. There wasn't a debate about the choice the first word. Because, as you know, we've been using that for some time... I think we've seen good progress on [persistence], but we continue to use the word gradual, because we continue to have to see that process of disinflation take place... we've added the word careful, deliberately."
  • "Let me emphasize... that around that you should see the greater uncertainty that we face in the current environment... that uncertainty is both domestic and global."
  • "So the domestic uncertainty... the interpretation of a weaker growth profile and to what extent its demand and to what extent its supply, and underpinning that also, frankly, the different challenges in reading some of the some of the data at the moment, and particularly on the supply side... if you look at the the evolution of the last 12 months, we've had an increase in on the Supply side, we've had an increase in population, I think we've had an increase, therefore in labor supply, we haven't had a change in GDP. Therefore you can only conclude mathematically that productivity has got much worse. And you can see that in the term, because it's actually negative. Now, I think there's a lot of uncertainty around what the true story, what the true position here is... it's one of the reasons why we do think growth is going to pick up, because it would be unusual for that negative situation to remain."
  • "There's also global uncertainty... since we're all witnessing it from day to day. So there is... heightened uncertainty. It's two sided, as we've stressed. So, you know, it could lead to conditions which actually make the path of disinflation less assured. It frankly, could also, on the other side, lead to conditions which have the opposite effect, and, you know, lead to it being a faster path for disinflation. ButBut there is more uncertainty. That's why we've paired gradually and careful. Is Ed next?"