Lates News

According to foreign media reports, after the Federal Reserve raised interest rates, large U.S. banks increased their prime lending rates. This move will push up borrowing costs for consumers and businesses. JPMorgan Chase, KeyCorp, and Bank of New York Mellon all raised their prime lending rates from 6.75% to 7%, with the new rates effective from Thursday local time. The prime lending rate typically follows changes in the federal funds rate and is an important reference benchmark for U.S. banks when setting interest rates for credit cards, personal loans, and various other financial products.