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BOE’s Cunliffe: Not convinced we should lean heavily against inflationary mentality

  • No material evidence of sectoral mismatches in the labor market, which has remained very flexible
  • Not convinced that we should lean heavily and constantly against integrating an inflationary mindset
  • We must carefully assess the risks on both sides
  • The impact of rising energy prices will not be felt evenly, these factors could amplify the blow to aggregate demand
  • Companies and workers do not have the same bargaining power as in the 1970s
  • In all likelihood, the invasion of Ukraine will intensify and prolong the surge in inflation and tighten pressure on household incomes
  • Don’t think we’re seeing the emergence of a consistently higher inflation psychology
  • Monetary policy can do little to offset external price pressures

These are dovish comments.

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