We agree that things are getting better. But we don't know what happens next - and nor does anyone else.
That was Mervyn King's mantra this morning as he unveiled the Bank of England's latest inflation report.
More than usual, the governor was at pains to stress the uncertainties involved in any forecast for the economy right now - whether the Bank's or anyone else's.
On balance, the Bank now thinks the economy will grow more slowly over the next two years than it did in February. It thinks inflation will be slightly higher as well. No surprises there.
The elephant in the room, if there was one, was the chancellor. Or at least, his forecasts for the economy after this year and the comparison with the Bank's.
In the press conference the governor went out of his way to commend the Budget for being so "open" and "honest" about the weakness of Britain's budget position. He said the Bank had no reason to believe the forecasts for borrowing were especially optimistic -indeed, they might well turn out to be too high.
And yet, looking at the Bank's much misunderstood fan chart showing possible growth outcomes, it is fairly clear that the chancellor's forecast of 3.5% growth from 2011 is not considered the most likely outcome by the Bank.
I tried to draw the governor on this point, but he would not be drawn.
Sensibly, perhaps, he did not want to engage in a battle over precise forecasts, when the entire thrust of his remarks is that where the economy is concerned, policy makers today can barely see beyond the end of their noses - let alone 2011.
As I discussed yesterday, this is not like a typical post-war recession. Even if we see quite a strong pickup in the next six to nine months - and King said there were many reasons to think we would - it is very difficult to judge whether that forward momentum will be sustained.
It's a cautious message the Bank has sent us today. After the excitements of the past six months, some might even consider it dull. Then again, if Bank of England press conferences are beginning to be dull again, that could be the most promising green shoot of the lot.