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Today Andrew Bailey (BoE) told the House of Commons Treasury select committee:

“A gradual approach to removing monetary policy restraint will help us to observe how this plays out, along with other risks to the inflation outlook”!

And in English: the sado-monetarists are not going to be reducing interest rates, or your mortgage payments any time soon;

As predicted, something has come up (this time the budget) to make them pause after one small interest rate reduction!

#InterestRates
h/t FT