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Discount Rate. The rate that banks pay borrow from the Federal Reserve is called discount rate or rediscount rate. This rate, though set individually by each of the 12 Fede Reserve banks, is identical in all Federal Resa districts most of the time. Despite popular opinion to the contrary, i discount rate is not a major determinant whether banks borrow from the Federal Resei or not. Because the discount rate is invarial well below what banks in turn charge the pub for money, banks would be delighted to obta new funds by discounting when credit is tig and they have no more lendable funds.

Bank lending rates to the public general rise when the discount rate goes up, but it i-because the banks must pay more for ir.... Rather it is because they expect that the Fj Reserve soon will make money scarce, they raise business loan rates as a way cate available funds. But a discount rate ri: not automatically mean bank lending ral rise, especially if bank loan demands are A decline in the discount rate conversely that the Federal Reserve probably will si credit through open-market operations.

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