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MNI BRIEF: NY, SF Fed Banks Wanted Smaller Discount Rate Hike

(MNI) WASHINGTON

The board of directors of the Federal Reserve banks of New York and San Francisco last month voted in favor of a smaller 50 basis point hike in the discount rate charged to banks for emergency loans, according to the latest discount rate meeting minutes published Tuesday.

Directors of the Minneapolis Fed bank, in contrast, wanted a super-sized 100 bp hike in the discount rate. All other Fed bank directors voted in favor of a 75 bp hike for the discount rate. The FOMC hiked interest rates by 75 bps for a third meeting in a row in September.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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