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“So far, particularly in market pricing, inflation expectations have been pretty stable,” Bank of England (BoE) Governor Andrew Bailey said while testifying before parliament on Wednesday, as reported by Reuters.

Additional takeaways

“Would stress the large amount of uncertainty around the amount of scarring in the economy from pandemic.”

“Forward guidance in August was an important signal.”

“We are seeing evidence in some areas where the cost of conducting activity has gone up.”

“Since August, the most likely path for short-run inflation is higher than in that report.”

“Inflation now probably won’t quite go negative in short-run.”

Market reaction

The GBP/USD pair continues to push lower after these comments and was last seen losing 0.52% on the day at 1.3312.

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