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The major central banks have successfully pushed back against the aggressive tightening the market had discounted.
Economists may have been split on the outlook for the BOE, and despite some officials noting it was a close decision, only two MPC members (Ramsden and Saunders) voted to hike rates.
At the risk of oversimplifying, the labor shortage will likely prove to be a relatively brief moment in time. However, a more profound change may be taking place over the work processes themselves.