BoE slightly more hawkish, MPC vote count unchanged at 7 to 1
Rate-setters at the Bank of England are slightly more hawkish because they now see the economy's 'output gap' closing more quickly, although the current "exceptional" circumstances mean no change in policy is imminent.
Indeed, contrary to speculation in markets, the number of policymakers in favour of keeping Bank Rate on hold was unchanged at seven to one.
A recent speech from one MPC member was taken by some as a signal that he might join Kristin Forbes - who is scheduled to exit her post at the end of June - in voting for a rise.
As obligated to under its remit, under "exceptional circumstances" the BoE must balance any trade-off between the speed at which inflation is brought back down to target with the support provided by the monetary policy to jobs and activity, the MPC explained in a summary of its decision.
Such a trade-off was now projected to hold through most of the forecast period, with slack remaining in the economy and inflation above the 2.0% target.
In the final year of the forecast however, the output gap was now seen closing and inflation therefore rising slightly above target amid significant gains in wages.
Lean against the wind
However, it should also be noted that to an extent the MPC may also have been 'leaning against' the recent drop in market rate hike expectations.
"On the whole, the Committee judges that, if the economy follows a path broadly consistent with the May central projection, then monetary policy could need to be tightened by a somewhat greater extent over the forecast period than the very gently rising path implied by the market yield curve underlying the May projections," the MPC also said in the summary of its decision.
As of Thursday, interest rate markets were pointing to two hikes in Bank Rate over the forecast period - just a touch less than at the time of the February IR being crafted.
But that was up from one hike at the time of when the May IR was being put together.
Quite important as well for the British economy and the MPC's decision-making, the Inflation Report referenced ONS's announcement that in a few months' time it may revise higher its estimate of the UK's household savings rate.
Smooth Brexit process is current assumption
And what about Brexit? Bank stated explicitly that its forecasts for growth and inflation were based on two assumptions, with the first being that the adjustment to the UK's new relationship with the European Union is "smooth".
The second assumption, as always, was that the economy will follow a path broadly consistent with its latest central projections.