What to expect from the BOE policy decision coming up later?

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After having held the bank rate unchanged at 4.25% in June here, the BOE is poised to cut by another 25 bps later today. At the previous meeting, there were already dissents from Dhingra, Taylor, and Ramsden on wanting to cut by 25 bps at the time. That saw the voting split turn out to be 6-3 in favour of keeping the bank rate unchanged.While a 25 bps rate cut today is a given (markets pricing in ~93% odds), the voting split is expected to be anything but straightforward.The analyst calls are favouring something along the lines of 2-4-3 (50 bps - 25 bps - 0 bps) to 0-9-0. However, there is no real majority on those calls with 0-6-3 and 2-7-0 also potential outcomes at this stage.According to MNI's collage, here is the breakdown of 21 analyst calls going into the decision later:50 bps rate cut: 11 analysts see two votes, 4 see one vote, 5 see no votes0 bps i.e. no rate change: 10 analysts see two votes, 1 sees either two or three votes, 4 see three votes, 4 see one vote, 2 see no votesI don't recall a time where we had such a variance in terms of the bank rate vote split, at least in terms of expectations.In arguing for a 50 bps rate cut, the camp is quite clear though. The two votes, if there is to be, should belong to Dhingra and Taylor. Ramsden might have dissented the last round but he was mainly arguing for quicker rate cuts, not bigger ones.As for potential policymakers that could argue to keep the bank rate unchanged, we might get the likes of Mann, Pill, and/or Greene in that camp. So, we'll have to see.Either way, a 25 bps rate cut is very much expected and priced in. The question then becomes what will happen next? The bank rate vote will provide a better indication but there is likely only one more rate cut on the cards for the BOE. And that could take place in either November or December.No matter what the voting split might be later, the timing of that rate cut will mostly depend on the data in the months ahead. As such, expect the BOE to maintain most, if not all, of its existing forward guidance language. And that means we'll be seeing a whole lot of stuff like "gradual" and "careful" for the most part. One key thing to watch will be to see whether the word "restrictive" stays. On that note, most analysts are expecting that to be the case with only JP Morgan thinking that the BOE might tilt more dovishly in their language.Here are a couple of calls before we get to the decision in just under an hour (h/t @ MNI):Barclays: 2-5-2 vote (risk of 3-4-2), terminal rate of 3.50% in February 2026JP Morgan: 2-5-2 vote, terminal rate of 3.50% in Q1 2026HSBC: 2-4-3 vote (risk of 3-3-3), risk of hawkish surprise with following rate cut in NovemberBNP Paribas: 2-7-0 vote, terminal rate of 3.50% in Q1 2026Goldman Sachs: 1-6-2 vote, terminal rate of 3.00% in March 2026Deutsche: 2-5-2 vote, terminal rate of 3.25% in early 2026ING: 1-7-1 vote, terminal rate of 3.25% in Q2 2026Nomura: 2-5-2 vote, terminal rate of 3.50% in February 2026 This article was written by Justin Low at investinglive.com.