The FOMC kept the federal funds rate unchanged at 3.50%-3.75% on Wednesday, a fifth consecutive hold, but the vote told the more interesting story. Three officials dissented in favour of a 25-bps hike, splitting the committee 9–3 and marking the widest disagreement of Chairman Kevin Warsh's short tenure. The Fed chair described it as a "good family fight" and a design feature of how he intends the committee to work
