[AP Photo/Jose Luis Magana]The US Federal Reserve kept its interest rate on hold at its meeting yesterday in a decision which saw a split on the central bank’s interest-rate setting body, with a nine to three vote. The sentiment in the bond market was summed up in a comment by Subadra Rajappa, a leading US interest rate strategist at the financial firm Société Générale. The three dissenters—Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas—indicated they wanted an increase in the Fed rate of 0.25 percentage points. But the bond markets are concerned that these words are not being matched by actions. That also appears to be the verdict of the bond markets on the Fed’s latest interest rate decision.