Five Fed banks voted to hike discount rate, up from four

Minutes of the June 15 discount rate meeting:

• Five banks sought quarter-point hike to 1.00% from 0.75%
• Six banks voted to leave discount rate unchanged at 0.75%
• One bank (Minneapolis) voted to cut rate to 0.50%
• Most Fed directors saw further improvements in labor market
• Reports on spending and investment were mixed

The discount rate has been unchanged at 0.75% since Feb 2010. Richmond shifted to join Cleveland, Dallas, KC and Philadelphia in the soft dissent.

Directors requesting an increase wanted a hike "in light of their outlook for economic and financial conditions as well as the risks to that outlook"

The balance could be tipped by St Louis, which voted to maintain rates but is led by sometimes-hawk James Bullard.