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BoE Bailey on QE

UK

QE extension: asked why GBP150bln?

2 things focus on.

  • 1) What is impact on inflation? Not unlike how look at international rate changes. Broadly inf is back to target at end of horizon.
  • 2) Monetary strategy - the consequence of the announcement of QE.
  • Part of this is stock vs flow debate.
  • Back in March flow really mattered. Now flow is looked at by markets but relatively less significant.

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