Major US Banks Raise Prime Rate to 7 Percent
Major US lenders increased their prime lending rates to seven percent following the Federal Reserve's benchmark rate hike. The adjustment will raise borrowing costs for consumers and businesses nationwide.
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Major lenders across the United States lifted their prime lending rate to 7% from 6.75% on Wednesday afternoon following the Federal Reserve's benchmark rate increase. The move marks the first borrowing cost hike since 2023 for consumers and businesses. Policymakers instituted a quarter-percentage-point raise during the afternoon session to counter persistent inflation.
