The Federal Reserve Board on Tuesday, October 13, 2026, released the minutes of its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. The minutes were published at 2:00 p.m. EDT and cover three Board meetings held on August 17, September 9, and September 16, 2026. Because the discount rate is what depository institutions pay to borrow directly from the Fed, the minutes serve as the public record of the Board's deliberations over that borrowing cost.

The full document is available as an attachment (PDF) on the Federal Reserve's website, alongside the original press release.

Distinct From the FOMC Process

In the release, the Board noted that its process for setting the discount rate is distinct from the process the Federal Open Market Committee (FOMC) follows in setting the target range for the federal funds rate, the central bank's principal monetary policy rate. The distinction is structural: discount rates emerge from Reserve Bank board reviews that are subject to review and determination by the Board of Governors, while the federal funds target range is set by the FOMC, meaning this release documents a decision track separate from the committee's rate meetings.

Background on the Discount Window

The discount window is the Federal Reserve's standing lending facility, through which eligible depository institutions — including commercial banks and credit unions — can borrow directly from their regional Reserve Bank, typically on a short-term, fully collateralized basis. The interest rates charged on such loans, most prominently the primary credit rate, are commonly referred to as the discount rate. As a standing facility, the window is positioned to serve as a ready source of short-term liquidity for the banking system, and the rates determined through this process set the price of that borrowing.

Under long-standing procedures, the boards of directors of the regional Federal Reserve Banks review discount rates at least every 14 days, and those rates are subject to review and determination by the Board of Governors in Washington, D.C. The minutes released on Tuesday document the Board's deliberations on those determinations across the August 17, September 9, and September 16 meetings. The Board routinely publishes such minutes following the conclusion of its discount rate reviews, and with reviews occurring at least every 14 days, minutes from later review meetings would follow the same publication pattern.

Media Contact

The Board directed media inquiries to its press office, which can be reached at 202-452-2955.