One of the inflation hawks on the Bank of England's (BoE) Monetary Policy Committee (MPC) - Martin Weale - Wednesday evening told The Daily Telegraph that he "certainly envisages circumstances in which it would be sensible to undertake further asset purchases".
"I would hope the recovery is well entrenched, but anyone who thinks the future will unfold smoothly is not taking account of everything that has happened in the past five years," he explained, in reference to the possibility of further shocks from the Eurozone or, with fresh turmoil in emerging markets, from the developing world.
As well as in and of itself this is significant as it was Weale who at the last MPC meeting dissented and voted in favour of shortening the period of time applicable to the inflation 'knock-out' clause which was then approved.
At its last meeting the MPC agreed that it will hold the bank rate steady until unemployment falls to 7% so long as - amongst other conditions - in the MPC's view, it is more likely than not that CPI inflation 18 to 24 months ahead will be 0.5 percentage points or more above the 2% target.
Regarding the recent rise in interest rates, Mr.Weale explained that markets were taking the view that either the recovery will be faster than the Bank expects so the unemployment target will be met sooner, or that productivity growth will not return in the way the Bank foresees.
Perhaps critically, 10-year rates on UK Gilts are now at 2.75%, modestly above the 2.7% mark which Barclays Research had pencilled in for the end of the first quarter of 2014.
Given that the BoE sees the unemployment rate not dropping to that level until the second half of 2016 - as revealed in the latest inflation report - then that means that the main policy rate would also remain unchanged until then.
In parallel, Britain's monetary authority believes that consumer prices will be at or below 2.5% towards the end of 2014, thus allowing it free reign to keep the bank rate at said level.
Some observers have indeed taken issue with the very slow drop forecast in the unemployment rate, to the point of suggesting that it puts the MPC's credibility on the line.
Nevertheless, and as the last inflation report - which was published on August 7th - reflected, the consensus of 25 forecasters polled by the BoE sees CPI inflation falling towards 2.2% by the third quarter of 2003 (and GDP growth at 2.1%), although the risk of a reading above 2.5% two years out was recently near 40%.
Even so, "on average, the first rise in Bank Rate was expected to have occurred by the third quarter of 2015, although only two fifths of respondents had that as their central projection," the inflation report added two weeks ago.
The key assumption underlying the MPC's stance is that labour productivity will recover, thus dampening inflation, while unemployment will fall back much more slowly than the historical norm given that companies have - in its opinion - been hoarding employees.
Lastly, speaking to Prospect magazine, ex-European Central Bank [ECB] Governor Jean Claude Trichet indicated that the new policy, which commits the Bank to keep UK interest rates close to zero until unemployment falls to 7%, risked creating "enormous market volatility" and raised the possibility of an "inflation surge," The Daily Telegraph reported.