The Bank of England's Monetary Policy Committee (MPC) has maintained the Bank Rate at 0.5% and the size of its asset purchase programme at £375bn.
The news did not come as a surprise to the market as there had not been any moves in economic data in the past month significant enough to support a change in course, with economists suggesting next month's meeting is already provoking more interest.
Barclays analysts pointed out that the Committee's decision was likely to have based on a belief there remains plenty of slack in the labour market, and that inflation pressures remain muted in the medium term.
The bank's economists are among those who believe this inactivity will not hold out for much longer.
They foresee the MPC raising the Bank Rate in the fourth quarter of 2014, "in light of indications that labour market slack is being eroded faster than previously expected".
BNP Paribas, Investec and Berenberg all predict a November rate rise in response to strong UK growth and tumbling unemployment.
Barry Naisbitt, Chief Economist at Santander UK, said the unexpected falls in inflation, which at 1.5% is markedly below the 2% target, provides further scope for the MPC to hold rates at their current level "for a while longer."
But in light of MPC member Martin Weale in particular coming across as a hawkish dissenter in recent meetings, Berenberg's Rob Wood has perceived that the unanimous votes at the BoE in recent months "may be hiding bigger disagreements behind the scenes".
There is a 60% chance of a November hike and 40% chance of a February increase to the Bank Rate, according to Berenberg, with the minutes of this latest meeting, which will be released in two weeks, key for judging how the consensus is changing.
New BoE Deputy Governor Minouche Shafik had said, in her appointment testimony to the Treasury Select Committee on July 9th, that August's quarterly inflation report will reveal a narrower estimate for slack in the economy, from 1%-1.5% of GDP, and that productivity developments are also crucial in determining the timing and path of bank rate hikes.
"If productivity fails to pick-up, unit labour costs growth is likely to put pressures on inflation; if productivity accelerates, there could be more room for keeping rates lower for longer," Barclays said.
Continuing this theme, Investec said an updated set of inflation forecasts "might well act as a catalyst for the more hawkish members of the committee to contemplate voting for a tightening" and said while it expected the first move to take place until November, there was a relatively modest risk of a hike next month and high feasibility that the committee could issue a statement.