Three regional Feds wanted discount rate rise

Directors of three regional Federal Reserves called for a quarter-point increase to the discount rate in July.

Minutes of the 4 August discount-rate meeting show that on 24 July directors at the Dallas, Kansas City and Chicago Feds had backed a rise in the discount rate, the cost at which regional Feds lend to commercial banks, to 2.5% - half a point above the federal funds rate.

The Federal Reserve Banks of Dallas and Kansas City also called for an increase on 10 July, the latest minutes reveal

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