At face value, the FOMC's 9-3 split decision hold was exactly in line with the expectations we laid out in our Fed preview - a divided hold, 22 July. We also named the three dissenters - Hammack, Logan and Kashkari - as the most likely hawks to support rapid tightening. And in this light, tonight's reaction felt like markets reconsidering their confidence in the Chair's ability to deliver on the promise of price stability. Markets cut back rate hike expectations, with cumulative hike pricing declining from 56bp to 50bp. But more importantly, the UST yield curve saw the sharpest steepening since late March in 2s10s terms, as long-end inflation expectations moved higher.