Federal Reserve Board – Minutes of the Board’s discount rate meetings on January 20 and 28, 2026

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 January 20 and 28, 2026.

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.

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