Four regional Fed boards stand alone at rate meeting

Minutes of discount rate meetings from May 22 through June 14 released by the Fed on Tuesday showed that directors at the Cleveland, Richmond, St Louis and Dallas Fed boards wanted an increase. — Bloomberg

NEW YORK: Directors at four of the US Federal Reserve’s (Fed) 12 regional banks sought a quarter percentage-point increase in the discount rate in June, while the other outposts favoured the decision to leave the rate unchanged last month.

Minutes of discount rate meetings from May 22 through June 14 released by the Fed on Tuesday showed that directors at the Cleveland, Richmond, St Louis and Dallas Fed boards wanted an increase.