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 o

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.