Directors of the Federal Reserve Bank of Chicago and New York voted in favor of lowering the discount rate at the July meeting

Minutes of the Federal Reserve discount rate meeting released on Tuesday showed that board members of the Chicago and New York Fed voted in July to cut the discount rate by 25 basis points to 5.25%. However, in previous votes, 10 out of 12 regional Feds wanted to maintain the rate at 5.5%. The Fed kept the target range for the rate at around 5.25%-5.5% at its July monetary policy meeting