The Federal Reserve Board has released the minutes of its discount rate meetings on June 8 and June 17, 2026. The Board decided to maintain the primary credit rate at 3.75 percent, which is the rate at which depository institutions can borrow money from the Federal Reserve. This decision was made in light of steady or resilient economic conditions, with low but stable hiring activity and ongoing uncertainty from global developments. The Board also renewed the existing formulas for calculating the rates applicable to discounts and advances under the secondary and seasonal credit programs. The secondary credit rate will be set 50 basis points above the primary credit rate, while the seasonal credit rate will be reset every two weeks as the average of the daily effective federal funds rate and the rate on three-month CDs over the previous 14 days, rounded to the nearest 5 basis points. The interest rate paid on reserve balances was also left unchanged at 3.65 percent, effective June 18, 2026. The Federal Open Market Committee (FOMC) had previously decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, effective June 18, 2026. The Board's decision to maintain the primary credit rate and interest rate on reserve balances is consistent with the FOMC's decision to leave the federal funds rate unchanged. The minutes of the Board's meetings provide insight into the economic and financial developments that influenced the Board's decisions. The Board's actions are intended to support the overall health and stability of the US economy. The primary credit rate is an important tool for monetary policy, as it affects the cost of borrowing for depository institutions and can have a ripple effect on the broader economy. By maintaining the primary credit rate at 3.75 percent, the Board is aiming to balance the need to support economic growth with the need to keep inflation in check. The decision to renew the existing formulas for the secondary and seasonal credit programs also reflects the Board's commitment to providing liquidity to depository institutions and supporting the stability of the financial system. Overall, the Board's decisions reflect a cautious approach to monetary policy, with a focus on supporting the US economy while also being mindful of potential risks and uncertainties.