Following recent Fed rate hikes, JP Morgan, KeyCorp and BNY Mellon raised the U.S. prime rate to 7.00% from 6.75%, effective Thursday. The prime rate typically tracks the federal funds rate and is a reference for credit cards, personal and business loans, implying higher borrowing costs for consumers and companies.
Following recent Fed rate hikes, JP Morgan, KeyCorp and BNY Mellon raised the U.S. prime rate to 7.00% from 6.75%, effective Thursday. The prime rate typically tracks the federal funds rate and is a reference for credit cards, personal and business loans, implying higher borrowing costs for consumers and companies.