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MNI BRIEF: One Fed Bank Wanted June 75bp Discount Hike-Minutes

WASHINGTON (MNI)

Directors at the Federal Reserve Bank of Minneapolis requested a 75 basis point hike before the June FOMC meeting, making it the only regional reserve bank to support the supersized move beforehand.

The directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Chicago, St. Louis, San Francisco, Richmond, Cleveland, Atlanta, Kansas City, and Dallas voted before June 15 for a 50bp increase to establish a primary credit rate of 1.5%, according to minutes from meetings of the regional Bank boards.

At the June 15 meeting, there was consensus for a 75-basis-point increase, and the board approved an increase in the primary credit rate from 1% to 1.75%, the minutes showed.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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