Fed discount rate minutes showed two regional banks voted for hike

The Federal Reserve released the discount rate minutes, which showed two of the 12 regional banks sought a 25 bps hike.

The regional Fed banks of Richmond (President Jeffrey Lacker) and Kansas City (President Esther George) wanted to lift the rate by 25 bps to 1.25% in March "in light of continued improvements in labor market conditions and expectations that inflation would rise toward the Federal Reserve's 2 percent objective over the medium term," the minutes said.

However, the other 10 banks along with the five board members wanted to stay on hold.