July 10, 2018 / 6:03 PM / in 10 months

Eleven Fed banks voted to raise discount rate before last meeting - minutes

WASHINGTON (Reuters) - The New York Federal Reserve was the only Fed bank that did not vote in favour of increasing the rate commercial banks pay for emergency loans ahead of the central bank’s latest policy meeting, minutes of the Fed discount rate discussions showed on Tuesday.

The U.S. central bank increased the discount rate by a quarter percentage point to 2-1/2 percent and also increased its benchmark lending rate at its June 12-13 meeting.

The directors at the other 11 Federal Reserve banks across the nation voted in favour of the increase before the interest rate-setting committee met.

Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci

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