Fed Bank Boards Push for Rate Hike Before Central Bank Meeting

Four Federal Reserve bank boards voted to increase the interest rate for emergency loans in the days leading up to the July meeting of the U.S. central bank, minutes show.

The rate recommendations were overruled when Fed policymakers decided in a 9-3 vote to leave the policy rate unchanged at their July 28-29 meeting.

The directors of the Dallas, Cleveland, and Minneapolis Federal Reserve banks, plus the board at the Kansas City Fed, voted for a primary credit rate increase of a quarter percentage point.