The Federal Reserve Board has released the minutes of its discount rate meetings on July 20 and July 29, 2026. The Board decided to maintain the primary credit rate at 3.75 percent, following requests from ten Reserve Banks to keep the existing rate and requests from two Reserve Banks to increase it. The interest rate paid on reserve balances was also left unchanged at 3.65 percent, effective July 30, 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. The Board's decision to keep the primary credit rate unchanged was based on stable economic conditions, with employment levels remaining steady and demand described as steady. However, some directors noted elevated inflation and rising fuel prices. 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.