Banks Lower Prime Rates Following Federal Reserve Decision

Date:

Share post:


Banks nationwide recently lowered their prime interest rate after the Federal Reserve lowered interest rates recently.

Wells Fargo and PNC Bank were among several lenders that announced last week that their prime rates are now 7.75%, down from 8%.

This decision followed an announcement by the Federal Reserve on Nov. 7.

The Fed decided to lower the federal funds rate (the interest rate at which banks lend to each other) by 0.25%, bringing it to a range of 4.5% to 4.75%.

Lower interest rates at banks should be some welcome news to small business owners nationwide.

Small businesses that rely on loans to fund operations, expand, or manage cash flow will find borrowing more affordable, reducing their interest expenses.

They may also find it a little easier to qualify for loans or expand their lines of credit.

Lower interest rates often boost consumer spending, too, which would really be welcome news to small businesses during the holiday shopping season and beyond.

Image: Canva




LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Big Tech may be focusing its lobbying push on the California AI safety bill’s last stop: Gavin Newsom

As California’s AI bill, SB 1047, continues to move through the California state legislature, the AI industry...

Pinterest Unveils Fall 2024 Trend Report Highlighting Fashion, Beauty, Home Decor, and Cultural Influences

Pinterest has released its Fall 2024 Trend Report, showcasing the top trends that are shaping fashion, beauty,...

10 Groups Who Face Higher Taxes Under Biden’s Budget

The White House has released President Joe Biden’s proposed budget for fiscal year 2025. It includes a...

In its 50th year, Dungeons & Dragons is more popular than ever. Here’s why

When a promoter from Live Nation told Brennan Lee Mulligan that his Dungeons & Dragons series, Dimension...