The Bank of England (BoE) kept its main interest rate and asset purchase target unchanged on Thursday, but surprised some market watchers by not issuing an in-depth statement along with the decision.
It came after governor Mark Carney left London on Thursday morning, to join fellow policy makers at the G-20 summit in St Petersburg, Russia.
The BoE's monetary policy committee (MPC) decided to keep the main interest rate unchanged at a record low 0.5 percent and said it would not add to its £375 billion ($571.6 billion) quantitative easing (QE) program.
Sterling rose against the dollar as the BoE held fire, and yields on U.K. Gilts moved higher, with the interest rate on 10-year notes rising to 2.966 percent.
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All eyes had been on whether the central bank would issue a statement alongside its interest rate decision, in an effort to reassure markets over its controversial "forward guidance" policy. The BoE set a precedent at its July meeting by issuing a long statement, raising expectations of forward guidance.
Kathleen Brooks, research director at Forex.com, said Carney had "missed a trick" on Thursday by only releasing a "mini-statement" about technical details.
"The market would have preferred a more meaty statement to sink their teeth into, however that was not to be," she said. "We now have to wait for the minutes released later this month to get a better understanding of: 1. The MPC's view on the pick-up in economic momentum; and 2. The MPC's commitment to forward guidance to keep rates low for the long term in the face of a stronger economic back drop and strong inflation pressures."
Howard Archer, chief U.K. and European economist at IHS Global Insight, added: "Interestingly, there was no statement from the MPC, despite its highly probable disquiet over a further rise in market interest rates."
The markets appear unconvinced by the BoE's forward guidance – that it would not consider raising interest rates until the rate of unemployment in Britain fell to 7 percent.
Since the policy was announced last month, gilt yields have climbed to multi-year highs and the pound has appreciated against the dollar, as signs of an improving economy boosted expectations that unemployment could fall faster than the bank expects.
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Although there was no in-depth statement, a short release from the MPC said it had agreed to reinvest £1.9 billion of cash flows associated with the redemption of the September 2013 gilt held in the Asset Purchase Facility.