Markets expected a rate cut Thursday, and markets got it wrong.
The Bank of England has just reminded investors that making money in this unloved bull market is harder than buying on the back of the Governor's guidance. Mark Carney may have sounded like a man ready to embark on pre-emptive shock and awe, but the notes on Thursday's announcement are somewhat more measured.
There is repeated acknowledgement that the data are just not available yet to show what effect the Brexit vote has done to hiring or investment decisions.