It's on the side of the ledger for a tightening bias. But with uncertainty about global growth and oil prices, the bank isn't likely to move rates anytime soon.

Historically whenever there are political issues that might raise uncertainty in terms of supply interruption, we see oil prices spiking. But it is only temporary.

Historically whenever there are political issues that might raise uncertainty in terms of supply interruption, we see oil prices spiking,

There is still uncertainty, however, about the extent and durability of the country's economic growth, which continues to be weighed down by unresolved structural problems.

Most of the production growth now is from gas, and gas is at a much lower price than oil.

The drop in oil prices appears to be due to continued growth in domestic oil inventories. In addition, there is a realization that efforts to deal with Iran's nuclear ambitions may be protracted over many months and an industry belief that they are unlikely to suspend their oil shipments any time soon.