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Very dovish change to forward guidance

BOE

Changes to guidance languge

  1. Change from futher modest tightening "might be appropriate in the coming months" rather than "was likely to be appropriate in the coming months".
  2. Add the caveat "but there were risks on both sides of that judgement depending on how medium-term prospects for inflation evolved."
Taken together this is quite a climb down in guidance and very dovish.

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