The Unreliable Boyfriend: a phrase initially coined for Mark Carney at the Bank of England; Jay Powell has joined the club. JP has previous form in flip-flopping (2018/19). This time he has made a song and dance about Average Inflation Targeting and Outcome-based policy, only to flip and cave at the first signs of inflation that he was insisting was transitory. Back to data dependency then. What to think, what to do?
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