Today is 'Super Thursday', the quarterly event from the Bank of England where decisions are made on interest rates and quantitative easing, and new economic forecasts are published.

In a surprise to nobody, interest rates were kept on hold at 0.25% and the maximum level of quantitative easing remained the same, with up to £10bn of corporate bond purchases and up to £435bn of UK government bond purchases.

What is making headlines this afternoon is the marginal downgrade to the Bank's economic growth forecast for 2017, from 2% earlier this year to 1.9% today.

It's a small adjustment to a forecast which will undoubtedly be proven inaccurate come 31st December 2017. 

What was more interesting were the notes from the Bank detailing the inflationary pressures which might lead to an interest rate rise in the future.

Price inflation is currently being driven higher by a weaker Pound Sterling, which is 16% below its November 2015 peak, albeit recovering since the previous Bank inflation report.

The dilemma faced by the Bank is that higher interest rates could bring down inflation but at the expense of employment and economic activity.

So, for now at least, the Monetary Policy Committee seem content to allow price inflation to rise a little further, confident it will fall again towards the end of their forecast period.