Minutes of the Board's discount rate meetings on May 19, June 9, and June 18, 2025

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 May 19, June 9, and June 18, 2025.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.