00:00There is, however, genuine uncertainty now about the course of that direction of rates.
00:07I'll be honest with you, the point I was making is that I think the path has become more uncertain because of what we're seeing.
00:16We're telling a story here, really, that we've got an upside risk, which can be more directly mapped into inflation.
00:25It goes to the previous two questions, actually, but we've got a downside risk, which, of course, gets to inflation via weaker activity, weaker labour market story, and we are balancing those two risks.
00:37Now, I think the path has become more uncertain, but I don't think, I certainly have not changed my view on the overall sort of, if you like, direction of the path.
00:47It's a question of how uncertain it is and therefore over what course, over what period of time it takes.
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