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Meeting Minutes Say FOMC to Maintain Discount Rate to Slow Inflation

The release of the Federal Open Market Committee's (FOMC) March 31- April 30 minutes show seven district banks had voted for no change in the discount rate in an effort to slow inflation.

The Boston Fed was the lone bank to vote for a half-point cut in the discount rate. Four banks had requested a 25bp cut to the Fed funds rate as they expressed concern about the near-term prospects for economic activity.

"Several directors noted that significant downside risks to economic growth remained...