VIDEO: Regional Fed Banks Still Split On Discount Rate Cut/hike Need

One regional U.S. Federal Reserve bank continued to seek a quarter point cut in the discount rate last month while three other branches pushed for a matching hike, but the Fed Board in Washington decided to leave rates unchanged at 0.75 percent. Minneapolis Fed directors sought a cut to 0.50 percent in the discount rate, which is the level at which banks may borrow from the central bank if they are unable to raise funds in the private market. Dallas, Philadelphia and Kansas City requested a hike to 1.0 percent.