The Fed's July discount-rate minutes show 10 Reserve Banks recommended keeping
the primary credit rate unchanged and two—Cleveland and Minneapolis—voted to
raise it from 3.75% to 4.00%. The Federal Reserve Board approved holding the
primary credit rate at 3.75% and kept the existing formulas for secondary and
seasonal credit rates. Several Board members described economic conditions as
broadly stable, while some noted inflation remains elevated, consumer price
concerns are rising, and fuel and other surcharges have increased amid global
events.
