Fed Discount Rate Minutes: Directors at 3 of 12 Fed banks voted to increase discount rate ahead of Jan meeting

Directors at three of the Federal Reserves regional banks voted to increase the discount rate, or interest rate charged on commercial banks for emergency loans, ahead of the January FOMC meeting, minutes released on Tuesday showed. The rate hike recommendation came from the directors at the Federal Reserve banks of Cleveland, St Louis and Kansas City. At the January meeting, the Fed voted unanimously to keep interest rates on hold 0.0-0.25%. According to the minutes, the three regional Fed directors who supported an earlier rate hike did so given "elevated inflation or to help manage economic and financial stability risks".