Major U.S. Banks Raise Prime Lending Rate to 7%

Deep Tide TechFlow reports that on September 17, according to Jin10 Data, influenced by the Federal Reserve's interest rate hike, several major U.S. financial institutions have recently adjusted their pricing benchmarks simultaneously. JPMorgan Chase, KeyCorp, and BNY Mellon have all announced that they will officially raise their prime lending rate from the previous 6.75% to 7%. The adjusted rate standard will take full effect starting this Thursday local time. As a core pricing benchmark in the U.S. banking industry, the prime lending rate typically closely follows fluctuations in the federal funds rate. This collective adjustment of the benchmark rate by major banks will directly impact various financial products such as credit cards, personal loans, and corporate financing, further increasing the actual borrowing costs for consumers and businesses.