Four Fed Boards Sought Loan Rate Hike
Minutes released on Tuesday show directors at four regional Federal Reserve banks voted to increase the emergency loan rate ahead of the July policy meeting. The recommendations were overruled when policymakers decided to leave interest rates unchanged.
Directors at four regional U.S. central bank boards voted for a quarter-percentage-point discount rate increase prior to the July FOMC meeting. The vote revealed deeper division among policymakers across the United States over maintaining borrowing costs. Officials ultimately voted 9-3 to leave the benchmark rate unchanged at that meeting.
