The Federal Reserve Approaches the End of Its Tightening Cycle

Washington Wire looks inside the Federal Reserve:

Washington Wire: Sending Signals the Fed Way: All the votes on the Fed's interest rate actions this year have been unanimous, but there are hints of disagreement. On Thursday, the Federal Open Market Committee voted to raise the Federal funds rate target to 5.25% from 5%. But two of the Fed's 12 reserve banks didn't ask for a matching quarter-point increase in the discount rate to 6.25%.... Goldman Sachs called the absence of a request by the Kansas City and San Francisco Fed to raise the discount rate a "soft dissent."... Kansas City President Thomas Hoenig and San Francisco President Janet Yellen have been the most prominent FOMC members warning of the risks of "over-tightening."... Bank boards typically follow their president%u2019s recommendation on discount rate requests...