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The US rate cycle has held its ground again, but the consensus behind that decision is fraying at the edges.
The Federal Reserve kept its policy rate unchanged this week, with three members of the rate-setting committee breaking from the majority to warn that the challenge of taming inflation remains unresolved.
The dissent count matters: three is a meaningful minority, and their public break from the hold signals that the Fed's internal debate over the cost of waiting is not closed.
What the dissent signals A vote to hold is, on its face, a vote for patience. But patience is not the same as confidence.
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