There was no more talk of “forward guidance”, but the guidance was pretty clear: no change to the view, on track for a first rate hike in a very gradual series, starting around a year from now. Nothing to see here.
There were a few grey areas, notably whether wage inflation will pick up significantly (it hasn’t yet) and if the elusive appearance of meaningful British productivity growth ever takes place (which will prevent the labour market from generating too much inflation).
And the jobless rate forecast was moved down a bit.
But so long as wage growth remains as tame as it was reported earlier in the day, there’s no inflation problem to see here.
So the message seems to be that if there ever were a time to drop speculation of an imminent rate rise, i.e., in the next six months, now would be the time.