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MNI BRIEF: Two Fed Banks Wanted Bigger Discount Hike - Minutes

(MNI)

The directors of the Federal Reserve Banks of New York and Dallas voted to raise the discount rate by 50bps in the period ahead of the March FOMC, according to minutes from meetings of the regional Bank boards, while the directors at the remaining ten regional banks sought quarter-point increases.

The Fed's board of governors sided with the majority, the minutes said, increasing the rate by 25bp to 0.50%. "Federal Reserve Bank directors reported ongoing strong demand, tight labor markets, and supply chain disruptions."

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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