Prepared for a dove turn early! The Federal Reserve Banks of Chicago and New York had supported a discount rate cut in July

The chairs of the Federal Reserve Banks of Chicago and New York are preparing to support a rate cut, possibly lowering the rate target at the September meeting. Meeting minutes on the discount rate show that the majority of decision-makers agree on a rate cut, and relevant officials believe there are reasons to lower the rate. Although regional Federal Reserve Banks can only adjust the discount rate with the approval of the Federal Reserve Board, data shows stable economic activity, slowing inflation, and a balanced job market