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They did not need to hike interest rates to save the currency and soothe investors.
In turn, higher inflation could put pressure on policy makers to hike interest rates.
And, crucially, the housing market has turned – even before the Bank is obliged to hike interest rates.
Less than one year ago Mark Carney said he did not expect to have to hike interest rates until late-2016 or perhaps 2017.
Two members of the nine-strong committee have voted to hike interest rates now, however, arguing that waiting too long could mean borrowing costs have to rise faster.
"The Fed is unlikely to hike interest rates if we see a sharp and prolonged decline in the stock markets, on the back of a surprise Trump win".
Similar(22)
While she said she still expects the Fed to gradually hike interest rates this year, she reiterated that policymakers were not on a "pre-set" path to return policy to "normal" given a worsening meltdown in global stock markets.
"While we currently expect the Bank of England to first hike interest rates in February 2016, there is now a very real prospect that they could act before the end of 2015.
"I am against the hike, because to me you hike interest rates when you are trying to cool down an economy that is overheating and threatening to generate wage and price inflation," Bivens said in an interview this week.
And, in the case of the UK, to have hiked interest rates to stem the bull-market in houses and property would have led to the Bank of England undershooting its inflation target in a way that would have been deemed a failure under the mandate it's been given by the Treasury.
Traders will now switch their attention to tomorrow's quarterly Bank of England Inflation report to watch for any clues as to when the central bank is likely to hike UK interest rates.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com