The Federal Open Market Committee voted 9-3 Wednesday to keep its benchmark rate at 3.5% to 3.75%, with three members dissenting in favor of an increase over inflation concerns. The split vote drew immediate attention because of what it revealed about the central bank under its new leadership. Reuters characterized the decision as a “hawkish hold” — a pause that leaves the door open to increases at future meetings. Markets reacted sharply. The decision sent bond yields higher and stocks lower before a partial rebound. Investors who had hoped the meeting would clarify the direction of policy under Chair Kevin Warsh came away without a clear answer, and some warned, per Reuters, that mixed messages on rates could unsettle both stocks and bonds in the months ahead. Divided Fed Holds Rates as Three Dissent · The Morning Brief