Last week’s Federal Reserve meeting brought more than just another decision to leave interest rates unchanged.

The Federal Open Market Committee (FOMC) voted 9-3 to keep US interest rates at 3.5%–3.75%, but what really caught the market’s attention was that three members voted in favour of raising rates. This was the first time since 2019 that three policymakers had broken away from the majority in the same direction, highlighting growing differences of opinion within the Fed.

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