It's going to be a long and busy summer after the Bank of England holds rates

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.

So what next?

Bank of England Governor Mark Carney
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Bank of England Governor Mark Carney

Well, for the trading desks three weeks of febrile speculation about the next meeting on August 4.

This time the guidance is unambiguous: "... most members of the committee expect monetary policy to be loosened in August."

Note that is a "most" and not an "all". But as clear as any guidance you're going to get that the gun is being loaded.

Pea-shooter or bazooka?

That much is not clear. It depends on the data, or as the report Thursday puts it: "The precise size and nature of any stimulatory measures will be determined during the August forecast and Inflation report round."

For anyone hoping Theresa May's anointing as U.K. prime minister meant a spell of certainty for U.K. markets; thing again.

At this meeting the Bank of England has just fired the starting gun on a whole new round of speculation about the next gathering.

Will it be more quantitative easing? More funding for lending schemes? A cut in rates?

Between now and then the data will certainly help shape guidance, but for most traders this may not be a time to be too far away from their desks.