Three members of the FOMC favored raising the cost of borrowing.

… The Federal Reserve left its interest rate target unchanged Wednesday amid significant internal dissent from officials who preferred to raise rates. The big picture: The central bank elected not to surprise markets with an interest rate hike, contrary to rampant speculation on Wall Street in recent days. But three members of the policy-setting Federal Open Market Committee did favor raising the cost of borrowing. - Cleveland Fed president Beth Hammack, Minneapolis Fed president Neel Kashkari, and Dallas Fed president Lorie Logan preferred a quarter-point rate hike, with the other nine officials, including chairman Kevin Warsh, voting to stand pat. Driving the news: The committee left its target range for the federal funds rate between 3.5% and 3.75%, where it has stood since December. - "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," said the post-meeting policy statement, repeating language from the June meeting. - The statement was virtually unchanged from the last meeting, offering no clues as to whether or in what circumstances the committee might raise rates later this year. …