On September 16, local time, the Federal Reserve announced that it would raise the federal funds rate target range by 25 basis points, raising the benchmark fund interest rate from 3.50% to 3.75% to 4%. Major US banks announced follow-up increases in preferential loan interest rates. J.P. Morgan Chase, Bank of New York Mellon and others announced that preferential loan interest rates will be raised from 6.75% to 7%, which will officially take effect on the 17th local time. Preferential interest rates usually follow changes in federal funds interest rates, and banks use this as a benchmark to set interest rates for many financial products such as credit cards and personal loans.

On September 16, local time, the Federal Reserve announced that it would raise the federal funds rate target range by 25 basis points, raising the benchmark fund interest rate from 3.50% to 3.75% to 4%. Major US banks announced follow-up increases in preferential loan interest rates. J.P. Morgan Chase, Bank of New York Mellon and others announced that preferential loan interest rates will be raised from 6.75% to 7%, which will officially take effect on the 17th local time. Preferential interest rates usually follow changes in federal funds interest rates, and banks use this as a benchmark to set interest rates for many financial products such as credit cards and personal loans.