Today, Board members discussed economic and financial developments andissues related to possible policy actions. In connection with this discussion, Boardmembers considered discounts and advances under the primary credit program (theprimary credit rate) and discussed, on a preliminary basis, their individual assessmentsof the appropriate rate and its communication, which would be discussed at the nextjoint meeting of the Board and the Federal Open Market Committee (FOMC). Subject to review and determination by the Board of Governors, the directorsof the Federal Reserve Banks of New York, Cleveland, Richmond, Chicago, ... (full story)