Major US banks raise prime lending rate from 6.75% to 7%

According to foreign media reports, after the Federal Reserve raised interest rates, major U.S. banks increased their prime lending rates. This move will drive up borrowing costs for consumers and businesses. JPMorgan, 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 serves as an important benchmark when U.S. banks set rates for credit cards, personal loans, and various other financial products.