The Federal Reserve Board said it raised the discount rate to 1.75% from 1.5%, effective immediately.

The action was requested Thursday by the Boards of Directors of the Federal Reserve Banks of New York, St. Louis, and Minneapolis.
The commission also approved an audit for the financially troubled Winston-Salem/Forsyth County School District.
Fitch Ratings joined Moody's in upgrading Connecticut this week as the state prepares to sell $1.8 billion of general obligation bonds.
October is looking to be another blockbuster month for supply, with several $1 billion-plus deals on the shadow calendar, said Pat Luby, head of municipal strategy at CreditSights.
The Senate Banking Committee voted 13-11 to favorably recommend Stephen Miran's nomination for the Federal Reserve Board to the full Senate.
A mix of broader market dynamics and Chicago-specific pressures is driving the widening spreads, investors said.
Michigan lawmakers must pass a 2026 budget before Oct. 1, but the Republican-controlled state House and Democratic-controlled Senate are far apart.