The Fed's Rate Hike Trickles Down: JPM To Hike Deposit Rates... For Its Wealthiest Clients
Moments after the Fed announced it would hike rates for the first time in 9 years on December 16, the ink on Yellen's statement was not yet dry and one after another bank announced it would hike its respective Prime rate - the benchmark rate on everything from small business loans to credit card monthly fees - from 3.25% to 3.50%.