Chicago and New York Federal Reserve directors meeting in July in favor of lowering discount rates

On August 28th, the Federal Reserve's discount rate meeting notes released on Tuesday showed that the board members responsible for overseeing the Chicago and New York Fed voted in favor of cutting the discount rate by 25 basis points in July. In last month's vote, 10 of the 12 regional Federal Reserve banks wanted to keep the discount rate at 5.5%, while the Chicago and New York Fed wanted to cut it to 5.25%. The Federal Reserve maintained its target range for interest rates at 5.25% -5.5% at its July monetary policy meeting and kept the discount rate at 5.5%.