The US Federal Reserve decided to keep interest rates right where they are on Wednesday, in what appears to be a growing pattern of ignoring President Trump's increasingly desperate pleas for cuts. The vote was 9-3, marking the first time in a decade that three board members dissented - all of them wanting to raise rates by a quarter-point, because apparently some people still believe in fighting inflation.

New Fed Chair Kevin Warsh, who seems to relish a good argument, described the meeting as a "family fight" - which in central bank terms means polite disagreement over whether to make borrowing slightly more expensive. "We didn't hide from them. We weren't scared of them," Warsh said of the big questions, presumably while sipping a glass of inflation-adjusted wine.

Dallas Fed President Lorie Logan led the dissenting trio, arguing that "inflation has been too high, for too long" and that rates should be modestly higher. She was joined by Beth Hammack and Neel Kashkari, forming what might be called the "We Actually Read the Inflation Reports" caucus. Warsh, meanwhile, is launching five new taskforces to rethink everything from communications to AI's impact on policy - because nothing says "decisive action" like forming a committee.

President Trump, who has been calling for rate cuts since before his first term ended, spared Warsh from his usual insults, calling him "fantastic" and blaming the other board members for being "very political." The feeling is likely mutual. The Fed has now held rates steady five times since December, apparently immune to presidential peer pressure.