The Federal Reserve Board on Tuesday released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today's minutes cover the Board meetings that occurred on April 7, April 28, and May 7, 2025.

The Board's process for setting the discount rate is distinct from the process the Federal Open Market Committee follows in setting the target range for the federal funds rate.

Note: On June 3, 2025, the press release was updated to correct the May meeting date from May 8 to May 7.