May 27
The release of the Federal Open Market Committee’s (FOMC) March 31-
April 30 minutes show seven district banks had voted for no change in the
discount rate in an effort to slow inflation.
The Boston Fed was the lone bank to vote for a half-point cut in the
discount rate. Four banks had requested a 25bp cut to the Fed funds rate
as they expressed concern about the near-term prospects for economic
activity.
“Several directors noted that significant downside risks to economic
growth remained…