The Fed kept interest rates unchanged today, but the decision was far from unanimous, a sign of growing disagreement inside the central bank.

• The Fed left its key rate at 4.0%, with two of twelve members voting instead for a rate hike, an unusually split decision for the Fed.
• The Fed said the job market looks fine, which means there's no pressure from that side to cut rates, while it also said inflation is still high but wants more data before deciding its next move.
• The Fed will keep printing money each month, just at a slower pace for now, though another future emergency could push it back to aggressive money printing.
• Short-term government debt rates dipped slightly on the news, but longer-term rates on 10-year and 30-year government bonds rose, since the Fed has less control over those and inflation worries persist.
• Markets barely moved since this outcome was already expected, and betting odds now show an 86.5% chance the Fed raises rates at its December meeting.

Outlook: Markets are watching the December 9th meeting, where traders now see a hike as far more likely than another pause.