December 4, 2018 / 7:11 PM / 6 months ago

Regional Fed banks urged holding discount rate steady before last meeting

FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo

WASHINGTON (Reuters) - All of the Federal Reserve’s 12 regional banks voted to hold steady the rate commercial banks are charged for emergency loans shortly before the U.S. central bank’s last policy meeting, minutes from discussions showed on Tuesday.

In voting to keep the rate at 2.75 percent, the directors judged it would be “appropriate to maintain the current level of short-term interest rates and assess whether incoming data support the outlook for continued economic growth, strong labor market conditions and inflation remaining near 2 percent,” the minutes said.

The Fed kept its benchmark federal funds rate steady in a range of 2.00-2.25 percent at its subsequent policy meeting on Nov. 7-8.

Reporting by Howard Schneider; Editing by Andrea Ricci

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