Fed Hikes Rates for First Time in Over Three Years, Banks Follow Suit
The U.S. Federal Reserve has raised interest rates for the first time in over three years, increasing them by a quarter of a percentage point on Wednesday.
JPMorgan Chase & Co. (JPM) and other banks have followed suit, hiking their prime lending rates accordingly.
Investors are still digesting the implications of this move, which may have far-reaching effects on markets and the economy as a whole.