Bailey: supply problems causing inflation should be temporary

• Risk is that inflation expectations become embedded and we have a very tight labour market in the the UK. 
• Guidance is more hazardous to give in times of uncertainity

Markets are wary of Bailey after he led rates markets to expect sooner rises in interest rates before the last BoE meeting.  Once bitten, twice shy. Bailey even giving his own disclaimer in the comments. Quite right too!