The Federal Reserve left its target range at 3.50%–3.75%, but three of 12 policymakers voted for a quarter-point increase. The unusually large dissent showed growing concern that energy and other supply shocks could keep inflation above the 2% goal, while Chair Kevin Warsh offered little guidance on what would trigger action. The S&P 500 was down 0.2% shortly after the decision, the 10-year Treasury yield rose about four basis points to 4.64%, and the dollar index fell 0.5%.