United States · Official update
Minutes of the Board's discount rate meetings on August 17, September 9, and September 16, 2026
The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today's minutes cover the Board meetings that occurred on August 17, September 9, and September 16, 2026.
The Board's process for setting the discount rate is distinct from the process the Federal Open Market Committee follows in setting the target range for the federal funds rate.
PDF summaries & supporting documents
Inside the document
What the PDF says
Discount rate meeting minutes: August 17, September 9 and September 16, 2026
DailyMIQ summary · 4-page source document
The Fed kept its primary credit rate at 3.75% in August and early September, then raised it to 4%, effective September 17. These minutes describe past decisions, not a new rate change on October 13.
Key points
August 17, 2026
The Board held the primary credit rate at 3.75%. Ten regional Reserve Banks requested no change; two requested an increase.
Source: PDF page 1September 9, 2026
The rate stayed at 3.75%. Four regional banks requested an increase. Directors reported broadly stable conditions, alongside hiring and cost pressures.
Source: PDF pages 2–3September 16, 2026
The Fed approved a 0.25 percentage point increase. The federal funds target range rose to 3.75%–4%, and interest on reserve balances rose to 3.90%, effective September 17.
Source: PDF pages 3–4
What this means
The primary credit rate applies to eligible banks borrowing from the Fed. It is distinct from the federal funds target range; neither is a mortgage or credit-card rate.
Key term: Basis point
One basis point is 0.01 percentage points. A 25-basis-point increase takes a rate from 3.75% to 4%.
Summarized by DailyMIQ from the linked Federal Reserve document. Checked October 18, 2026. Read source PDF
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Source & attribution
Source: Federal Reserve. Text reproduced in DailyMIQ’s reading format. Images, charts, navigation, and media contact details are omitted. The source does not endorse DailyMIQ. The original is available free of charge.
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