Fed releases discount rate meeting minutes

The Federal Reserve Board has released the minutes of its interest rate meeting on April 29, 2020. The Federal Open Market Committee (FOMC) and the Board decided to maintain the target range for the federal funds rate at 0 to 1/4 percent, effective April 30, 2020. Consistent with the FOMC's decision to leave the target range for the federal funds rate unchanged, the Board approved maintaining the interest rate (0.10 percent) paid on required and excess reserve balances, effective April 30, 2020. The Board also approved the establishment of the interest rate on discounts and advances made under the primary credit program (the primary credit rate) at the existing level (0.25 percent).