Fed Releases Minutes From Three 2026 Discount-Rate Meetings

The Federal Reserve Board released minutes Oct. 13 covering discount-rate meetings held Aug. 17, Sept. 9 and Sept. 16. At the Sept. 16 meeting, the Board unanimously approved a 25-basis-point increase in the primary credit rate to 4%, while the target range for the federal funds rate rose to 3.75%–4%, effective Sept. 17.

The release came at 2 p.m. ET (18:00 UTC) on Oct. 13, 2026. It covered Board meetings held Aug. 17, Sept. 9 and Sept. 16.

The Board reviews and determines the rates Federal Reserve Banks charge on credit extended through the discount window. That process is separate from the Federal Open Market Committee’s process for setting the target range for the federal funds rate.

The Sept. 16 meeting coincided with the second day of the Federal Open Market Committee’s Sept. 15–16 meeting. The Board unanimously approved a 25-basis-point increase in the primary credit rate to 4%, effective Sept. 17.

The target range for the federal funds rate also increased by 25 basis points to 3.75%–4%, effective Sept. 17.

Eligible depository institutions can borrow through the discount window by pledging eligible collateral. The facility provides direct access to credit from a Federal Reserve Bank under the discount-rate framework.

The Aug. 17 meeting was scheduled for 10:30 a.m. ET (14:30 UTC). The Sept. 9 meeting was scheduled for noon ET (16:00 UTC) and covered the advance and discount rates charged by Federal Reserve Banks.

Kevin Warsh served as chairman and John C. Williams as vice chair during the Sept. 15–16 Federal Open Market Committee meeting.