MNI BRIEF: Fed Banks Unanimous On Steady Discount Rate-Minutes

The directors of all 12 Federal Reserve Banks voted to keep the discount rate at the existing level of 5.5% in the period ahead of the June FOMC meeting, according to minutes from meetings of the regional bank boards.

The Fed's board of governors expressed "no sentiment" for changing the rate at meetings on June 3 and 12, the minutes said. Fed bank directors on June 3 reported some moderation in economic activity and most reported fewer challenges with hiring and retaining workers. "Wage pressures remained elevated in most Districts, particularly for certain types of positions, though some directors noted that overall wage growth was slowing," the minutes said. (See: MNI INTERVIEW: Fed Will Stay Patient On Rocky Road To 2%-Evans)