Fed Rate Hike Leads US Banks to Raise Loan Interest Rates One After Another
[Asia Economy New York=Special Correspondent Joselgina] As the U.S. central bank, the Federal Reserve (Fed), raised the benchmark interest rate for the first time in 3 years and 3 months, banks also followed suit by raising loan interest rates one after another.
According to major foreign media on the 17th (local time), Citigroup, Wells Fargo, JP Morgan Chase, Bank of America (BoA), and others simultaneously raised their base loan rates from the existing 3.25% to 3.5% starting that day.
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This measure follows the Fed's 0.25 percentage point increase in the benchmark interest rate the previous day.
This content was produced with the assistance of AI translation services.
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