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

According to a report by Golden Finance on September 17, major U.S. banks have raised their prime lending rate following the Federal Reserve's interest rate hike. This move will increase borrowing costs for consumers and businesses. JPMorgan Chase, KeyCorp, and BNY Mellon have all raised their prime lending rate from 6.75% to 7%, with the new rate taking effect starting Thursday local time. The prime lending rate typically follows changes in the federal funds rate and serves as an important benchmark for U.S. banks when setting rates for various financial products such as credit cards and personal loans.