Fed Board minutes to the July meetings showed 2 Banks voting for a rate hike
Fed Board minutes to the July meetings showed 2 Banks voting for a rate hike. The minutes, released Tuesday, showed no sentiment to increase rates early in the month, and voted to keep the primary credit rate unchanged at 2.50%. But by July 23 meeting, two Banks voted for a 25 bp hike to 2.75%. Those banks were Cleveland, headed by Mester, and KC, headed by George, two of the most hawkish FOMC members. Overall, Bank directors were positive on the economic outlook, with labor markets sill tight, though wages were generally moderate. The FOMC left the funds rate band unchanged at the July 31, August 1 meeting. Analysts and the markets project a 25 bp move at the September 25, 26 FOMC.