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Wall Street banks raise prime lending rate after Fed's sharp hike

Thursday, July 28, 2022
Wall Street banks raise prime lending rate after Fed's sharp hike © Reuters. FILE PHOTO: A customer exits the lobby of JPMorgan Chase & Co. headquarters in New York May 14, 2012. REUTERS/Eduardo Munoz

By Mehnaz Yasmin

(Reuters) -Wall Street banks JPMorgan Chase & Co (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) said on Wednesday they had raised their prime lending rates by 75 basis points to 5.5%, effective Thursday.

The moves follow 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/]

"Today's 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," said Michael Ashley Schulman, chief investment officer at multi-family office Running Point Capital Advisors.

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.

"If the U.S. enters a recession now, it would be a most unusual one with plentiful credit, low unemployment and high inflation - remarkable dynamics not normally associated with an economic slowdown," Schulman added.

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.

Decades-high inflation, which shows no signs of cooling, has gripped markets after sanctions on Russia curtailed trade and worsened supply chain bottlenecks.

Banks usually stand to gain from high interest rates as they earn the difference between rates of borrowing and costs of lending.

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19-08-2022 15:06:54 (UTC+7)

EUR/USD

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EUR/USD

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USD/JPY

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 EUR/USD1.0088↑ Sell
 GBP/USD1.1898↑ Sell
 USD/JPY136.74↑ Buy
 AUD/USD0.6909↑ Sell
 USD/CAD1.2968Buy
 EUR/JPY137.93↑ Buy
 EUR/CHF0.9660Neutral
 Gold1,765.85↑ Sell
 Silver19.142↑ Sell
 Copper3.6233↑ Sell
 Crude Oil WTI90.16↑ Buy
 Brent Oil96.28↑ Buy
 Natural Gas9.117↑ Buy
 US Coffee C214.80↑ Sell
 Euro Stoxx 503,761.75↑ Sell
 S&P 5004,283.74Sell
 DAX13,630.63Neutral
 FTSE 1007,547.10↑ Buy
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,381.34Sell
 BASF43.365Sell
 Bayer53.47↑ Sell
 Allianz177.08↑ Sell
 Adidas166.32↑ Buy
 Lufthansa6.370↑ Sell
 Siemens AG109.81Sell
 Deutsche Bank AG8.691↑ Sell
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