JPMorgan, KeyCorp and BNY raised their prime lending rates to 7% from 6.75%, effective Thursday, after the Federal Reserve lifted its benchmark interest rate by a quarter percentage point. The Fed's first rate increase since 2023 reflected policymakers' focus on persistent inflation. Prime rates typically follow the federal funds rate and help determine pricing for products including credit cards and personal loans. Higher rates can increase banks' net interest income, though sustained tightening can weaken loan demand and pressure credit quality. Banking executives at a New York industry conference said the broader U.S. economy remained constructive and clients resilient.