Three Fed Banks Pushed Again For Discount Rate Hike: Minutes
According to minutes on Tuesday, three regional Federal Reserve banks, whose presidents are among the more hawkish of U.S. central bankers, continued to press for an increase in the Fed’s emergency lending rate ahead of last month’s policy-setting meeting. Directors of the Dallas, Kansas City and Philadelphia Fed banks wanted the so-called discount rate raised by 25 basis points to 1.0 percent, in part because of their positive view of the economic outlook and conditions in the financial industry. Those Fed presidents believe expected economic conditions warranted returning the spread between the discount rate and the federal funds rate back to its pre-crisis level of 1 percentage point.
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