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Bailey Sees Overtightening as Subject of Lively Debate Among MPC

BOE

Q: How confident are you that you are not overtightening?

  • A: During this round spent a lot of time on the transmission mechanism and how it's changed. The mortgage market is the most interesting because it has changed so much. Around 85% of mortgages are now fixed rate.
  • Still got a lot of pass through to come. It is a very lively subject of debate in the MPC - there has to be quite a lot of judgment involved.

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