Although in early June a case to ease looked like it was building, it had not strengthened sufficiently by the time of the July meeting to warrant action. In August the case got weaker, and it got weaker again by early September.
Essentially what happened was that the risks to growth from abroad abated, while those posed by the rapid rise in debt did not. This recent experience, and the one a year earlier, is instructive in the discussion about central bank communication.