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UK interest rates stayed at 3.75% on Thursday after the Bank of England's latest policy decision, exactly where economists had expected them to land. What complicates that outcome is the committee's own risk framing.
Policymakers flagged that inflation risks are weighted to the upside, a signal with a longer shelf life than the rate hold itself.
The decision and what came with it A hold at 3.75% was the consensus call, and the Bank of England delivered it without surprise. The rate level tells you less than usual at this meeting.
What matters is the inflation language policymakers chose to attach, because it defines the conditions under which any future cut would have to qualify.
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