For immediate release

The Federal Reserve Board on Thursday approved an action by the Board of Directors of the Federal Reserve Bank of Dallas increasing the discount rate at the Bank from 3-1/2 percent to 3-3/4 percent, effective immediately. On Wednesday, the Board approved an action by the Board of Directors of the Federal Reserve Bank of Kansas City increasing the discount rate at that Bank from 3-1/2 percent to 3-3/4 percent, effective immediately.

2005 Monetary policy