Interest rates dilemma for central banks

Central bankers used to wait for economic indicators to be published and then decide whether they need to announce a new “bank rate”.
The main indicators were therate of inflation and sometimes referred to the consumer price index.
The most important question that was “did it increaseor did it decline?”
This meant that there could have been a “demand pull” factor or a “Cost push” factor.
Lately these factors have been ignored (?) and the decision appears to be one of "feeling what the market is telling " !!
Maybe it is time to go back to basics ??