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[Large U.S. banks raised their prime lending rates to 7%] On September 17, it was reported that after the Federal Reserve raised interest rates, large U.S. banks raised their prime lending rates. The move will push up borrowing costs for consumers and businesses. JPMorgan Chase, KeyCorp and Bank of New York Mellon have all raised their prime lending rates from 6.75% to 7%, with the new rates taking effect from Thursday local time. The prime lending rate usually follows changes in the federal funds rate and is an important reference benchmark for Bank of America when setting interest rates for various financial products such as credit cards and personal loans.
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