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Bailey: Will Be Periods Of Imbalance In Supply And Demand

BOE

Q: Could you clarify on the Bank's thinking on excess demand. If ED is not leading to inflation, in what sense is it excess?

  • A (Bailey): This cycle has involved very big movements in supply and demand. The patterns for demand and supply have changed a lot in recent months. The path of the recovery, particularly for supply capacity, will be different. Given the scale of both the moving parts, there will be periods of short-term imbalance.

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