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For the banking industry, prime lending rates, which mirror interest rates, primarily are used as a baseline reference point for pricing some loans.
Banks' prime rates, which are primarily used as a reference point for pricing some loans, are now at 8%. While some experts feel the Fed may have had an opportunity to pause rate increases amid turmoil in the banking system, that might also send some mixed messages to the market.
Those prime rates, which are primarily used as a reference point for pricing some loans, continue to increase in response to ongoing hikes in the federal funds rate.
Northeast Ohio's regional banks continue to increase their best lending rates for business clients in line with the Fed lifting its benchmark interest rate in an ongoing battle to rein in surging levels of inflation.
As combined Fed rate hikes in June and July of 150 basis points amount to the fastest increases in the federal funds rate in decades, banks are responding by continuing to lift the best lending rates available to customers.