They include both the data I am monitoring, and how I react to this data when making policy decisions. The first is the assessment of the inflation outlook in light of the incoming economic and financial data, as embedded in the economic narrative underlying the quarterly projections.
The second is the dynamics of underlying inflation, as a cross-check on how the projections compare with the evolving data. And the third is the judgement as to the strength of  the transmission of monetary policy to date. Let me begin with a review of the drivers of core and headline inflation.