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Fed dissenters warn inflation could become entrenched without monetary policy tightening now

The Federal Reserve left its benchmark interest rate unchanged this week despite three dissenting votes from Fed governors who would've preferred the central bank hike rates to help rein in stubbornly-high inflation, they explained on Friday.The Federal Open Market Committee (FOMC), the Fed panel responsible for monetary policy moves, on Wednesday voted 9-3 to leave the federal funds rate unchanged at a range of 3.5% to 3.75%, where it has remained throughout 2026 so far.The three dissenting votes were cast by Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Da...