Chicago and NY Fed directors favored discount rate cut in July By Reuters

(Reuters) – Members of the boards of directors overseeing the Chicago and New York Federal Reserve banks voted in favor of lowering by a quarter percentage point the central bank’s discount rate during July, according to meeting minutes released on Tuesday.

The Fed said in a press release that while 10 of the 12 regional Fed banks wanted to maintain the discount rate at 5.5% in votes taken last month, the Chicago and New York Fed wanted that borrowing rate to move down to 5.25%.

The Fed maintained its interest rate target range at between 5.25% and 5.5% at the July monetary policy meeting, and kept the discount rate steady at 5.5%.