Dow Jones - The key element of these monetary-policy minutes was the voting split. The market was looking for a very close call, maybe five in favor of keeping rates on hold and four in favor of a cut, but eight to one is a nasty shock. Although global financial events have taken a turn for the worse in the two weeks after the meeting that these minutes refer to, this is further ammunition for the equity bears. The MPC clearly has much higher concerns over inflation than the market had perceived.