00:00Directors at four of the Federal Reserve's 12 banks voted to increase the interest rate charged to commercial banks for
00:06emergency loans in the days before the U.S. Central Bank's July meeting.
00:10Minutes of the Central Bank's discount rate meetings released on Tuesday showed.
00:18The rate recommendations overruled when Fed policymakers decided in a 9-3 vote to leave the policy rate unchanged at
00:25their July 28-29 meeting provided a fresh window into how contested that decision was.
00:31Voting for a primary credit rate increase of a quarter of percentage point were the directors of the three banks
00:36that had dissented at the July meeting.
00:38Dallas, Cleveland and Minneapolis Fed plus the board at the Kansas City Fed, whose President Jeff Smith does not have
00:45a vote this year on the policy rate.
00:47Fed Bank directors are not policymakers and do not determine the Fed's interest rate, but they do meet regularly with
00:54their respective Fed presidents who say their directors' views help shape their own outlooks.
00:58Regional Fed Bank boards vote on the discount rate at regular meetings, but it is ultimately set by the Fed
01:04board to match the top of the range of the policy target rate, which has been in the 3.5
01:09% to 3.75% range since December.
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