JP Morgan raises prime lending rate after Fed’s sharp hike

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U.S. bank JPMorgan Chase & Co said on Wednesday it had raised its prime lending rate by 75 basis points to 5.5%, effective Thursday.

The move follows the U.S. Federal Reserve’s decision to raise its target interest rate by three-quarters of a percentage point for a second consecutive month to tame soaring inflation.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)

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