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Top US banks hike lending rates to highest since 2008; Lira at record low

The US central bank has remained steadfast in its decision to keep raising rates until data shows a sustained pullback in consumer prices

Finance ministry, state-run banks discuss 3-year strategic roadmap

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The SNB increased its policy rate to 0.5 per cent from the minus 0.25 per cent level it set in June

Agencies

3 min read Last Updated : Sep 23 2022 | 12:27 AM IST

Three major US banks are raising their prime lending rates to the highest levels since the global financial crisis of 2008, following a hefty interest rate hike by the US Federal Reserve.

JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co said on Wednesday the new rates, including the latest 75 basis point hike, would take effect on Thursday.

The US central bank has remained steadfast in its decision to keep raising rates until data shows a sustained pullback in consumer prices.

The Swiss National Bank raised its policy interest rate by 0.75 percentage point on Thursday —

Topics : US banks US economy lira

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