Consequently, you repeat, it is only fair (2-2)
I believe the answer is:
so-so
'fair' is the definition.
(I've seen this before)
'consequently you repeat it is only' is the wordplay.
I cannot really understand how this works, but
'consequently' could be 'so' (synonyms) and 'so' is located in the answer.
The remaining letters 'so' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for so-so that I've seen before include "Barely passable" , "Of middling quality" , "Informally, only moderately good or well" , "Tolerable, indifferent" , "Mediocre" .)