Look for the dog that didn't bark.
But first take some comfort from the Bank of England's minutes on its interest-setting committee's meeting a couple of weeks ago.
There is not a word in them to suggest that the six-strong majority supposed they were embarking on a series of increases when voting to unwind the cut they made in August last year.
On the contrary, they pointed out how easy it would be to reverse this month's increase if it starts to do harm.
The mute dog, though, is the strong pound.
That is what matters for most West Midlands companies, not a quarter point one way or the other, this month rather than next.
The over-priced currency is weighing on British exporters and gives imports the edge at home.
To judge from yesterday's minutes, the committee never mentioned it. One sentence in the pre-amble noted that sterling rose by nearly two per cent against world currencies between July and August, leaving it nearly three per cent higher than forecast in the Bank's May "Inflation Report".
But this, it seems, never flickered on the radar when the committee debated what to do about interest rates.
As yet, the pound's popularity is not all glum news. It is strong mainly against a sickly dollar, which is suffer-ing for reasons unconnected with British interest rates -America's monstrous trade and budget deficits.
That shields us from the full blast of $73-dollar oil and other pricey commodities quoted in dollars. Against the euro, sterling has risen only a cent or so this summer. Far more of our exports go to the euro zone than to the US and countries with dollar-linked currencies.
It could be worse - but without British interest rates two points higher than the eurozone's it would be a great deal better.
Interest rates, though, may be only a side issue here. HSBC has come up with a learned piece of research showing how sterling has become an increasingly popular reserve currency among central banks, outstripping the yen recently as a diversification away from the troubled greenback.
Why on earth should this happen when Britain's trade gap is as daunting as America's? Less perverse than it looks, HSBC suggests, because British oil companies are repatriating colossal revenues and European companies, in particular, are scrambling to make cash bids in Britain.
For whatever reason, the Bank of Italy has shifted 25 per cent of its reserves into sterling, after nothing at all in 2004. The Bank of Finland has followed suit.
Other central banks have next to nothing, possibly because they supposed Britain was heading into the euro, blessedly now a non-issue for the duration. So there must be at least a possibility that the big-money euro countries, Germany, France and, come to that, Spain may decide the Italians did the smart thing.
It would be a huge, ironical compliment - one that British exporters would rather do without - yet once it started to happen a powerful reason for cutting interest rates.