Traci Allaway

And he is, as far as I can tell, not a fan of forward guidance.

I think that's fair to say.

Someone pedantic is going to point out that the Fed may already have abandoned forward guidance of the bond market based off of what happened in 2022.

But if we got a more formalized abandonment of forward guidance...

Does that make your job at the BOE a lot more difficult if you're trying to judge the spillover effects from US bonds?

So if I look over the whole of this conversation, you're talking a lot about being wary of inflationary risks.

And we talked about maybe the public and companies being more primed towards inflationary risks than they were previously.

Why did you vote to hold rates last week?

Yeah.

Megan, it was so great to catch up with you.

Congrats on the new role.

I know we're a little bit late to it, but it was really great to be able to actually ask you all the questions about what you're doing right now.

Joe, that was really fun.

That was great.

I have to say, I'm a little bit jealous that Megan probably has like a really nice office at the Bank of England building.

I know.

I think I'm going to go through like my entire career without ever having my own office in a building.

But there are a bunch of interesting things to pick out of that conversation.

I thought her point about the emphasis of central banks and economics in general on the demand side historically versus the supply side captures a lot of the struggle that policymakers have had with the post-COVID economy.

All of economics is very much focused on the idea of, well, you need a healthy consumer who's spending.