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Free AccessMNI BRIEF: Three Fed Banks Recommended 50BP Hike Before Feb
The board of directors of the Federal Reserve banks of Cleveland, St. Louis and Minneapolis voted in favor of a larger 50 basis point hike in the discount rate charged to banks for emergency loans before the February FOMC meeting, according to the latest discount rate meeting minutes published Tuesday.
Directors of the Atlanta and Dallas Fed banks, in contrast, supported maintaining rates at 4.5%. Fed bank directors in Boston, New York, Kansas City, San Francisco, Philadelphia, Richmond, and Chicago voted for a 25 basis point increase to 4.75%. The FOMC hiked interest rates by 25bps to a range of 4.5% to 4.75% in February.
"Overall, Federal Reserve Bank directors reported that economic activity remained steady in their Districts yet was uneven across sectors," the minutes said. "Directors were generally cautious or concerned about a weaker outlook for the economy, and some directors expected the inflation rate, which remained elevated, to slowly moderate in 2023."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.