The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility--the discount window. The Federal Reserve Banks offer three discount window programs to depository institutions: primary credit, secondary credit, and seasonal credit, each with its own interest rate. All discount window loans are fully secured.

Under the primary credit program, loans are extended for a very short term (usually overnight) to depository institutions in generally sound financial condition. Depository institutions that are not eligible for primary credit may apply for secondary credit to meet short-term liquidity needs or to resolve severe financial difficulties. Seasonal credit is extended to relatively small depository institutions that have recurring intra-year fluctuations in funding needs, such as banks in agricultural or seasonal resort communities.

The discount rate charged for primary credit (the primary credit rate) is set above the usual level of short-term market interest rates. (Because primary credit is the Federal Reserve's main discount window program, the Federal Reserve at times uses the term "discount rate" to mean the primary credit rate.) The discount rate on secondary credit is above the rate on primary credit. The discount rate for seasonal credit is an average of selected market rates. Discount rates are established by each Reserve Bank's board of directors, subject to the review and determination of the Board of Governors of the Federal Reserve System. The discount rates for the three lending programs are the same across all Reserve Banks except on days around a change in the rate.

Further information on the discount window, including interest rates, is available from the Federal Reserve System's discount window web site. See also the articles in the Federal Reserve Bulletin for July 2002 (51 KB PDF) and November 1994 (75 KB PDF).

Minutes of Board of Governors discount rate meetings
July 7 through August 4, 2008 (24 KB PDF)
May 19 through June 23, 2008 (20 KB PDF)
March 31 through April 30, 2008 (20 KB PDF)
February 19 through March 18, 2008 (23 KB PDF)
January 21 through January 30, 2008 (17 KB PDF)
November 5 through December 11, 2007 (14 KB PDF)
October 1 through October 31, 2007 (19 KB PDF)
August 16 through September 18, 2007 (16 KB PDF)
July 9 through August 6, 2007 (9 KB PDF)
May 21 through June 25, 2007 (25 KB PDF)
April 23 through May 7, 2007 (32 KB PDF)
February 5 through March 19, 2007 (24 KB PDF)
January 29, 2007 (12 KB PDF)
November 6 through December 11, 2006 (28 KB PDF)
October 10 through October 23, 2006 (33KB PDF)
August 21 through September 19, 2006 (33 KB PDF)
July 17 through August 7, 2006 (27 KB PDF)
May 22 through June 29, 2006 (29 KB PDF)
April 10 through May 10, 2006 (36 KB PDF)
February 6 through March 28, 2006 (36 KB PDF)
January 9 through January 31, 2006 (30 KB PDF)
December 12 through December 13, 2005 (22 KB PDF)
October 3 through November 1, 2005 (29 KB PDF)
August 22 through September 20, 2005 (33 KB PDF)
July 18 through August 9, 2005 (30 KB PDF)
May 23 through June 30, 2005 (45 KB PDF)
April 4 through May 3, 2005 (60 KB PDF)
February 7 through March 22, 2005 (36 KB PDF)
January 3 through February 2, 2005 (36 KB PDF)
November 22 through December 14, 2004 (83 KB PDF)
October 12 through November 10, 2004 (83 KB PDF)
August 23 through September 21, 2004 (78 KB PDF)
July 19 through August 10, 2004 (82 KB PDF)
May 17 through June 30, 2004 (84 KB PDF)
March 29 through May 3, 2004 (68 KB PDF)
February 9 through March 15, 2004 (65 KB PDF)
December 15, 2003, through January 26, 2004 (68 KB PDF)
November 10 through December 8, 2003 (68 KB PDF)
September 29 through October 27, 2003 (71 KB PDF)
September 2 through September 15, 2003 (61 KB PDF)
July 7 through August 11, 2003 (67 KB PDF)
May 19 through June 25, 2003 (93 KB PDF)
March 31 through May 5, 2003 (88 KB PDF)
February 10 through March 17, 2003 (71 KB PDF)
January 6 through January 27, 2003 (54 KB PDF)
November 18 through December 9, 2002 (66 KB PDF)
October 7 through November 6, 2002 (75 KB PDF)
September 3 through September 23, 2002 (73 KB PDF)
July 22 through August 12, 2002 (21 KB PDF)
May 20 through June 24, 2002 (52 KB PDF)
April 1 through May 6, 2002 (52 KB PDF)
February 4 through March 18, 2002 (50 KB PDF)
December 17, 2001, through January 28, 2002 (52 KB PDF)
November 19 through December 11, 2001 (52 KB PDF)
October 15 through November 6, 2001 (53 KB PDF)
September 24 through October 2, 2001 (50 KB PDF)
May 21 through September 17, 2001 (69 KB PDF)