The Bank of England will choose its words even more carefully than usual this week alongside its expected decision to delay an interest rate cut in the face of inflation risks from the war in the Middle East. Still stung by criticism that it and other central banks moved too slowly when Russia's full-scale invasion of Ukraine drove British inflation above 11% in 2022, the BoE will be wary of missteps. Governor Andrew Bailey and his colleagues can only wait to see how long the U.S.-Israeli war on Iran lasts, and how persistent the jump in oil and gas prices will be.