- The Federal Reserve raised its benchmark interest rate by a quarter percentage point, its first hike since 2023, to address persistent inflation.
- JPMorgan, KeyCorp, and BNY raised their prime lending rate to 7% from 6.75%, effective Thursday, following the Fed decision.
- The prime rate increase raises borrowing costs for consumers and businesses.
Quotes
“Top U.S. banks raised their prime lending rate”
“raise borrowing costs for consumers and businesses”