Two regional Feds pushed for discount rate rise

Directors of two regional Federal Reserves called for a quarter-point increase to the discount rate last month, it emerged Tuesday.

Minutes of the 23 June discount rate meeting show that directors at the Dallas and Kansas City Feds 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.

Each Reserve Bank's board of directors establish the discount rate, subject to the review and determination of the Fed

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