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BoE's Lomax on inflation targeting in practice

In a speech on 'Inflation targeting in practice: Models, forecasts and hunches' given on 12 March, Rachel Lomax of the Bank of England said inflation forecasts are "highly fallible" and the BoE should ignore calls from bodies such as the IMF to produce a wider range of economic predictions, because such detail, while "seductive," can also be "highly misleading".

She described the unique nature of the Bank's treatment of inflation forecasts, which requires the monetary policy committee (MPC) to

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