The Federal Open Market Committee (FOMC) approved the move in a 9-3 vote. Cleveland Fed President Beth M. Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie K. Logan dissented, voting instead for a 25-basis-point increase. “We got some encouraging inflation data, and we’ll be watching inflation data over the period ahead,” Warsh said. Let me reiterate: There is no soft inflation target. Williamson added that if investors understand how policymakers are likely to respond to incoming inflation data, markets will be better positioned to interpret new information as it arrives.