Notably, on August 17, the Federal Reserve Board cut the discount rate – the rate at which it lends directly to banks – by 50 basis points, or 1/2 percentage point, and it has since maintained the spread between the federal funds rate and the discount rate at 50 basis points, rather than the customary 100 basis points.
Frank Elderson: Proportioning policy action to the evidence making the monetary policy strategy of the European Central Bank concrete Keynote speech by Mr Frank Elderson, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the ECB, at The Institute of International & European Affairs webinar, Frankfurt am Main, 24 March 2022.