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On August 26, the Federal Reserve released the minutes of the discount rate meeting early Wednesday, revealing that four of the twelve regional Fed boards voted in favor of raising the rate charged for emergency loans to commercial banks just days before the Fed's July meeting. The Federal Open Market Committee (FOMC) decided at its meeting on July 28-29 to keep the policy rate unchanged by a vote of 9 to 3, and this suggestion further highlights the internal controversy surrounding that decision. The boards supporting a 25 basis point increase in the primary credit rate included the boards of the Dallas Fed, Cleveland Fed, Minneapolis Fed, and Kansas City Fed. The chairs of the first three regional Feds voted against maintaining the rate at the July policy meeting, while the Kansas City Fed chair, Schmid, did not have a vote this year. Regional Fed directors are not monetary policy decision-makers and do not set the Fed's rates, but they regularly meet with the chairs of their respective regional Feds. The regional Fed chairs indicated that the directors' views help shape their own economic and policy outlooks. The boards of the regional Feds vote on the discount rate during routine meetings, but the rate is ultimately set by the Fed's Board of Governors to align with the upper bound of the policy rate target range. Since December of last year, the Fed's policy rate target range has remained at 3.5%-3.75%.

On August 26, the Federal Reserve released the minutes of the discount rate meeting early Wednesday, revealing that four of the twelve regional Federal Reserve banks' boards voted in favor of raising the rate charged for emergency loans to commercial banks just days before the Fed's July meeting. The Federal Open Market Committee (FOMC) decided to maintain the policy interest rate at its July 28-29 meeting with a vote of 9 to 3, highlighting the internal controversy surrounding this decision. The boards that supported a 25 basis point increase in the primary credit rate included the Dallas Fed, Cleveland Fed, Minneapolis Fed, and the Kansas City Fed. The presidents of the first three regional banks voted against maintaining the rate at the July policy meeting, while Kansas City Fed President Esther George did not have a vote this year. Regional Fed boards are not monetary policy decision-makers and do not set the Fed's interest rates, but they regularly meet with their respective regional Fed presidents. The regional Fed presidents indicated that the boards' views help shape their own economic and policy outlooks. The regional Fed boards vote on the discount rate during routine meetings, but the rate is ultimately set by the Federal Reserve Board to align with the upper limit of the policy interest rate target range. Since December of last year, the Fed's policy interest rate target range has remained at 3.5%-3.75%.

As of August 26, according to CME's 'FedWatch': The probability of the Federal Reserve keeping interest rates unchanged in September is 60.4%, while the probability of a cumulative rate hike of 25 basis points is 39.6%. The probability of the Fed maintaining rates in October is 45.7%, with a cumulative rate hike of 25 basis points at 44.7% and a cumulative hike of 50 basis points at 9.7%.