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DISCOUNT RATES -- Establishment without change by twelve Reserve Banks of the existing discount rate; renewal by those Banks of the formulas for calculating the flexible rates for extended and seasonal credit. Approved. April 1, 2002. The Board approved the establishment without change by the Federal Reserve Bank of New York on March 20; by the Federal Reserve Banks of Philadelphia and Minneapolis on March 21; and by the Federal Reserve Banks of Boston, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, and San Francisco on March 28, 2002, of the rates on advances and discounts in their existing schedules. The Board also approved renewal by the twelve Reserve Banks on the dates indicated above of the formulas for calculating the flexible rates for extended and seasonal credit. Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson. Background: Office of the Secretary memorandum, March 29, 2002. Implementation: Wire from Ms. Johnson to the Reserve Banks, April 1, 2002. DISCOUNT RATES -- Request by one Reserve Bank to increase the discount rate; requests by eleven Reserve Banks to maintain existing rates. Existing rates maintained. April 29, 2002. Subject to review and determination by the Board of Governors, the directors of the Federal Reserve Bank of Kansas City had voted on April 25, 2002, to establish a basic discount rate of 1-1/2 percent (an increase from 1-1/4 percent), with appropriate changes in related rates. The directors of the Federal Reserve Bank of New York had voted on April 17; the directors of the Federal Reserve Banks of Philadelphia and Minneapolis had voted on April 18; and the directors of the Federal Reserve Banks of Boston, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas, and San Francisco had voted on April 25, 2002, to maintain the rates in their existing schedules. At today's meeting, no sentiment was expressed in favor of an increase in the discount rate, and existing rates were maintained. Participating in this determination: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson. Page 2 Background: Office of the Secretary memorandum, April 26, 2002. Implementation: Wire from Mr. Frierson to the Reserve Banks, April 29, 2002. DISCOUNT RATES -- Renewal by twelve Reserve Banks of the formulas for calculating the flexible rates for extended and seasonal credit. Approved. April 29, 2002. The Board approved renewal by the Federal Reserve Bank of New York on April 17; by the Federal Reserve Banks of Philadelphia and Minneapolis on April 18; and by the Federal Reserve Banks of Boston, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, Dallas, and San Francisco on April 25, 2002, of the formulas for calculating the flexible rates for extended and seasonal credit. Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson. Background: Office of the Secretary memorandum, April 26, 2002. Implementation: Wire from Mr. Frierson to the Reserve Banks, April 29, 2002. DISCOUNT RATES -- Request by one Reserve Bank to increase the discount rate; requests by eleven Reserve Banks to maintain existing rates. Existing rates maintained. May 6, 2002. Subject to review and determination by the Board of Governors, the directors of the Federal Reserve Bank of Kansas City had voted on April 25, 2002, to establish a basic discount rate of 1-1/2 percent (an increase from 1-1/4 percent), with appropriate changes in related rates. The directors of the Federal Reserve Banks of Boston, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Dallas, and San Francisco had voted on April 25; the directors of the Federal Reserve Bank of New York had voted on May 1; and the directors of the Federal Reserve Banks of Philadelphia and Minneapolis had voted on May 2, 2002, to maintain the rates in their existing schedules. At its meeting on April 29, 2002, the Board had considered, but had taken no action on, the request by the Federal Reserve Bank of Kansas City to increase the discount rate. At today's meeting, the Board discussed recent economic developments. No sentiment was expressed in favor of taking action on the discount rate before tomorrow's meeting of the Federal Open Market Committee, and existing rates were maintained. Page 3 Participating in this determination: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson. Background: Office of the Secretary memorandum, May 3, 2002. Implementation: Wire from Ms. Johnson to the Reserve Banks, May 6, 2002. DISCOUNT RATES -- Renewal by three Reserve Banks of the formulas for calculating the flexible rates for extended and seasonal credit. Approved. May 6, 2002. The Board approved renewal by the Federal Reserve Bank of New York on May 1, and by the Federal Reserve Banks of Philadelphia and Minneapolis on May 2, 2002, of the formulas for calculating the flexible rates for extended and seasonal credit. Voting for this action: Chairman Greenspan, Vice Chairman Ferguson, and Governors Gramlich, Bies, and Olson. Background: Office of the Secretary memorandum, May 3, 2002. Implementation: Wire from Ms. Johnson to the Reserve Banks, May 6, 2002.