Regional Feds divided on discount rate
New York and San Francisco were dovish compared with counterparts in Minneapolis
Directors of the regional Federal Reserve banks disagreed in September over changes to one of the US central bank’s key lending rates, meeting minutes show.
The leaders of the Federal Reserve Banks of New York and San Francisco voted to increase the primary credit rate by 50 basis points on September 8. The Federal Reserve Bank of Minneapolis voted for a 100bp increase. The remaining regional Feds argued for a 75bp increase.
The primary credit rate is a lending rate applied to the Fed’s
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