Fed Discount Minutes Show New York, Chicago Favored a July Cut

Directors at the Federal Reserve Banks of New York and Chicago voted in July in favor of lowering the so-called discount lending rate, records released by the Fed Wednesday showed.

That’s a possible signal that presidents of those two banks, John Williams in New York and Austan Goolsbee in Chicago, were prepared to support an interest-rate cut last month when policymakers met in Washington.