Back

JPMorgan Lowers Prime Lending Rate to 7.25% After Fed Rate Cut

The adjustment follows the Federal Reserve's 25 basis point reduction in its benchmark interest rate.

Summary

No Summary provided as the original text is short

Terms & Concepts
  • Prime Lending Rate: The interest rate that commercial banks charge their most creditworthy customers, often influenced by changes in the central bank's benchmark rate.
  • Basis Point: A unit of measure used in finance to describe percentage changes in interest rates or other financial metrics, equal to one hundredth of a percent (0.01%).