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JP Morgan raises prime lending rate after Fed's sharp hike

JP Morgan raises prime lending rate after Fed's sharp hike

Reuters · 07/27/2022 15:24
JP Morgan raises prime lending rate after Fed's sharp hike

- U.S. bank JPMorgan Chase & Co AMJ said on Wednesday it had raised its prime lending rate by 75 basis points to 5.5%, effective Thursday.

The move follows the U.S. Federal Reserve's decision to raise its target interest rate by three-quarters of a percentage point for a second consecutive month to tame soaring inflation. FED/




(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)

((Mehnaz.Yasmin@thomsonreuters.com;))