US: majority of regional Fed banks voted for a hike - BBH

Research Team at BBH, notes that the Fed released minutes yesterday that showed a majority of the regional Fed banks voted for a hike in the discount rate in July. 

Key Quotes

“Dallas and Philadelphia joined the other six that already voted for a hike.  It's worth noting that the Fed Board of Governors must approve of any change in the discount rate, so it's more symbolic than anything else.  But coming ahead of Yellen's speech, the symbolism is hard to ignore and is fitting in with the hawkish Fed storyline.  Those of the eight regional banks asking for a discount rate hike that are also voting FOMC members this year total four:  Boston, Cleveland, Kansas City, and St. Louis.

During the North American session, the US reports July existing home sales.  Yesterday, July new homes sales came in much stronger than expected, rising 12.4% m/m vs. an expected -2.0% drop.  Today, existing sales are seen falling -1.1% m/m.”