For them, inflation - which fell to a lower-than-expected 2.5% in March - was easing back as the impact of the Brexit-hit pound begins to fall away and would start to see upward pressure as wages pick up and other costs rise.
While money markets are betting officials will keep their stance on hold at this meeting, investors will look for any split among Monetary Policy Committee members to determine the chances of an interest-rate increase later this year. Until a few weeks ago, the overwhelming view in the markets was that the panel would raise it by a quarter point to 0.75 percent.
The reputation of the Bank of England's May policy decision has very much preceded the event itself.
Since he joined the BoE in 2013, Mr Carney has signalled several times that the time was nearing for rates to rise from the historic low of 0.5 per cent reached during the 2008-09 financial crisis, only for economic data to surprise him. Markets anticipate three rate rises over the next three years and the Bank has not indicated that this expectation is mistaken. "Survey indicators, and evidence from the Bank's (regional) agents, suggested that growth had been somewhat stronger in the first quarter than implied by the preliminary estimate".
The delay in rate increases has been due to two factors.
British government two-year bond yields fell three basis points. With the split scheduled for March 2019, the BOE said managing the implications of Brexit remains the main challenge for rate setters.
- The Bank's economic forecasts will also be important as GBPUSD stabilizes after its recent sharp falls. CPI inflation is now 2.5 percent, according to the latest figures for March. That matters as the rate-setting body's primary mission is get inflation close to 2 percent.
It added it continued to believe an "ongoing tightening of monetary policy over the forecast period would be appropriate to return inflation sustainably to its target at a conventional horizon".
The quarterly inflation report (IR) noted that CPI had "fallen back more quickly than expected" at the time of the last quarterly report in February.
A rise in U.S. 10 year yields back above the psychological 3.0% level helped support the greenback, while offsetting some of the concerns over Donald Trump's decision to pull out of the Iran nuclear deal on Tuesday evening.
This afternoon's US inflation data could hold the key for EUR/USD today, given a lack of meaningful announcements out of the Eurozone. Traders expect the currency to rally, depending on the outcome of Brexit negotiations; for the moment, most polls still project an orderly Brexit.
Many experts blame uncertainty related to Britain's exit from the European Union for the slowdown.