The Federal Reserve left its benchmark interest rate unchanged at 3.50%–3.75% on Wednesday, marking the fifth consecutive meeting without a policy change and the second under Chair Kevin Warsh.

The vote, however, was not unanimous.

While the Federal Open Market Committee ultimately opted to leave rates unchanged, three policymakers — Beth M. Hammack, Neel Kashkari, and Lorie K. Logan — dissented in favor of a 25-basis-point rate hike, marking one of the most contested monetary policy decisions in recent Federal Reserve history.

“Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy,” the Fed stated.

Markets are pricing in tighter policy ahead.

Fed funds futures imply a roughly 80% probability of a rate hike as soon as September, with a move almost fully priced in by year-end.

Investors will now turn their attention to Warsh’s press conference, scheduled for 2:30 p.m. ET.

This is a developing story…

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