The Federal Reserve Board met three times this week, each instance in closed session, to consider a range of issues, including advance and discount rates.
The meetings – held Monday, Tuesday and Wednesday – were approved unanimously by the three board members: Chairman Jerome “Jay” Powell, Vice Chairman for Supervision Randal Quarles, and Gov. Lael Brainard.
A set of three straight days of meetings is not unusual for the board, although this series of meetings was the first three-day run for 2018. The board last met for three straight days last year (July 25-26 on monetary policy, and July 27 for an update on consumer and community issues).
In addition to the advance and discount rates (discussed Monday), the board received a supervisory update (Tuesday) and a briefing (and discussion) on financial markets, institutions, and infrastructure (Wednesday).
According to the Fed, the board meets regularly, typically every other Monday. A meeting of the rate setting Federal Open Market Committee (FOMC) is set for next week, Tuesday and Wednesday (July 31-Aug. 1).