Directors of the Federal Reserve Bank of Chicago and New York voted in favor of lowering the discount rate at the July meeting
Minutes of the Federal Reserve discount rate meeting released on Tuesday showed that board members of the Chicago and New York Fed voted in July to cut the discount rate by 25 basis points to 5.25%. However, in previous votes, 10 out of 12 regional Feds wanted to maintain the rate at 5.5%. The Fed kept the target range for the rate at around 5.25%-5.5% at its July monetary policy meeting
Jin10 Data reported on August 28th that the minutes of the Federal Reserve's discount rate meeting on Tuesday showed that the board members overseeing the Chicago and New York Feds voted in July to cut the discount rate by 25 basis points. In the previous month's vote, out of the 12 regional Feds, 10 wanted to keep the discount rate at 5.5%, while the Chicago and New York Feds wanted to lower it to 5.25%. The Federal Reserve kept the target range for interest rates at 5.25%-5.5% at the July monetary policy meeting and maintained the discount rate at 5.5%