Tags: banks | prime | rate | lending

Major US Banks Raise Prime Rates After Fed Rate Hike

Image: Major US Banks Raise Prime Rates After Fed Rate Hike
(Dollar Photo Club)

Wednesday, 16 Dec 2015 06:15 PM

Major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006 on Wednesday, following a rate hike from the Federal Reserve.

Banks including Wells Fargo & Co, JPMorgan Chase & Co and Bank of America Corp raised their prime rates to 3.5 percent from 3.25 percent.

The Fed raised the target for its main short-term rate to a range of 0.25 to 0.50 percent, from a range of 0 to 0.25 percent.

A higher prime rate will translate to higher interest rates on a wide range of loans that are keyed off the rate, including small business loans and some credit card loans.

Lending out at slightly higher rates could give a small boost to bank earnings in the coming quarters.

© 2017 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Personal-Finance
Major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006 on Wednesday, following a rate hike from the Federal Reserve.Banks including Wells Fargo Co, JPMorgan Chase Co and Bank of America...
banks, prime, rate, lending
134
2015-15-16
Wednesday, 16 Dec 2015 06:15 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved