The MPC will shortly publish its August inflation forecast, and its evaluation of the policy of 'forward guidance', commissioned back in March by the Treasury (an action I previously noted was tantamount to saying 'how about looser monetary policy, folks?). One presumes from today's policy decision (to leave all instruments on hold) that there was no consensus for with Odyssian forward guidance, injecting further monetary stimulus by promising to keep rates lower for longer than would have been guessed at from previous MPC behaviour.