Banks raise prime lending rates in line with Fed jump

Prime rates ticked up 75 basis points to 4.75%

© Can Stock Photo / sparky2000

Major banks began increasing their prime lending rates today on the heels of the biggest Federal Reserve benchmark rate increase since 1994. The Fed raised its benchmark interest rate by 75 basis points (bps) Wednesday to a target range of 1.5% to 1.75% as the economy continues to grapple with unbridled inflation. The benchmark rate […]

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