The sense of motion in the economy adds to the uncertainties we face as modellers and forecasters. The reality is that conducting monetary policy requires a lot of judgment. Rather than the finely tuned mechanical process many people imagine, policy is much more akin to an exercise in risk management.
As we said at the Bank’s most recent interest rate announcement, we judge that we will need to move our policy rate up into a neutral range over time, to a point where it is not stimulating or constraining economic growth. However, the path back to that neutral range is 4/6  BIS central bankers' speeches  highly uncertain.