Cable rips higher

The Bank of England decision was supposed to be an after-thought. There hasn't been a split like 5-3 on the BOE since 2011.

One of the dissenters -- Forbes -- is leaving the bank this month but the votes from the other two suggest the BOE is seeing things differently than the markets.

The statement suggests the BOE isn't sure what's happening in the economy or what's coming next.

"Looking ahead, key considerations in judging the appropriate stance of monetary policy are the evolution of inflationary pressures, the persistence of weaker consumption and the degree to which it is offset by other components of demand," the statement said.

That doesn't shed much light on exactly why the three dissents came. We can assume they don't believe the recent high inflation is temporary.

In any case, the pound is taking the vote at face value and has surged a full cent to a high of 1.2795.

Carney's Mansion House speech later today is suddenly even more important.