{"id":1575548,"date":"2022-07-27T18:24:32","date_gmt":"2022-07-27T22:24:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1575548"},"modified":"2022-07-27T18:24:42","modified_gmt":"2022-07-27T22:24:42","slug":"wall-street-banks-raise-prime-lending-rate-after-feds-sharp-hike","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-banks-raise-prime-lending-rate-after-feds-sharp-hike\/","title":{"rendered":"Wall Street banks raise prime lending rate after Fed\u2019s sharp hike"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwall-street-banks-raise-prime-lending-rate-after-feds-sharp-hike%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1575548&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><img decoding=\"async\" width=\"373\" height=\"210\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE-373x210-1.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\" loading=\"lazy\" style=\"float:left; margin:0 15px 15px 0;\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE-373x210-1.jpg 373w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE-180x101.jpg 180w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE-260x146.jpg 260w, https:\/\/dzm0ugdauank9.cloudfront.net\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE-120x67.jpg 120w\" sizes=\"auto, (max-width: 373px) 100vw, 373px\" \/><\/p>\n<p>By Mehnaz Yasmin<\/p>\n<p>(Reuters) -Wall Street banks JPMorgan Chase &#038; Co, Citigroup and Wells Fargo said on Wednesday they had raised their prime lending rates by 75 basis points to 5.5%, effective Thursday.<\/p>\n<p>The moves follow the U.S. Federal Reserve\u2019s decision to raise its target interest rate by three-quarters of a percentage point for a second consecutive month to tame soaring inflation. [FED\/]\n<p>\u201cToday\u2019s move is further admission from the Federal Reserve that it was too generous with its monetary policy in 2021 and that it is trying to reverse things quickly,\u201d said Michael Ashley Schulman, chief investment officer at multi-family office Running Point Capital Advisors.   <\/p>\n<p>The central bank walks a tight rope between raising interest rates to stamp out inflation while at the same time preventing the economy from slipping into a steep recession.  <\/p>\n<p>\u201cIf the U.S. enters a recession now, it would be a most unusual one with plentiful credit, low unemployment and high inflation \u2013 remarkable dynamics not normally associated with an economic slowdown,\u201d Schulman added.<\/p>\n<p>Fed chairman Powell during a press conference said he expects another unusually large increase in rates at the next meeting due to an extremely tight labor market and high inflation.<\/p>\n<p>Decades-high inflation, which shows no signs of cooling, has gripped markets after sanctions on Russia curtailed trade and worsened supply chain bottlenecks. <\/p>\n<p>Banks usually stand to gain from high interest rates as they earn the difference between rates of borrowing and costs of lending. <\/p>\n<p> (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2731270\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6Q0YB-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Mehnaz Yasmin (Reuters) -Wall Street banks JPMorgan Chase &#038; Co, Citigroup and Wells Fargo said on Wednesday they had raised their prime lending rates by 75 basis points to<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1575548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1575548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1575548"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1575548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1575548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1575548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1575548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}