Not long ago, the answer was quite simple: the Bank of England would carry on cutting borrowing costs, one quarter point cut every three months, until they reached, say, 3.5%.
The funny thing about today's splurge of information and forecasts from the Bank of England is that it's not entirely clear whether we're on the high road or the low road anymore.
When gross domestic product, the best measure of economic output, is flatlining or shrinking, when inflation is low (especially when you look beyond the temporary bump caused by energy prices) - that's usually precisely the time the Bank slashes rates with abandon.
Another is that although the economy is weak, inflation is still high - indeed, the Bank actually raised its forecast for the consumer price index in today's forecasts.
That extra money sloshing around in the economy makes the Bank somewhat less willing to cut rates.
