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Citigroup, Wells Fargo raise base lending rate after Fed’s interest rate move -Breaking

by Mike Robinson

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© Reuters. Citibank Branch in Jackson Heights of New York City. U.S. Oct 11, 2020. REUTERS/Nick Zieminski

(Reuters) – Citigroup Inc (NYSE 🙂 Wells Fargo (NYSE:) & Co said on Wednesday they were raising their base lending rates, hours after the U.S. Federal Reserve increased its benchmark interest rate by a quarter of a percentage point.

The banks announced that they would raise their base rates from 3.25% to 3.5% effective Thursday.

On Wednesday, the Federal Reserve raised interest rates to control runaway inflation and indicated that it will aggressively remove the economy from pandemic-era policies to reduce decades-high inflation.

According to the central bank, it indicated that the federal funds rate would be increased to between 1.75% and 2.00% by 2022.

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