when did the us prime rate last change
15-Jun-17
title: U.S. prime rate text: alter the rates at which borrowers obtain funds. The "WSJ" defines the prime rate as "The base rate on corporate loans posted by at least 75% of the nation's 30 largest banks." It has been speculated though that this is no longer the real definition (and that the prime rate is simply the fed funds target rate + 3), because most corporate loans are indexed to LIBOR. When 23 out of 30 largest US banks change their prime rate, the "WSJ" prints a composite prime rate change. The prime rate is used often as an index in calculating rate changes title: U.S. prime rate text: U.S. prime rate In general, the United States prime rate runs approximately 300 basis points (or 3 percent) above the federal funds rate. The Federal Open Market Committee (FOMC) meets eight times per year wherein they set a target for the federal funds rate. Other rates, including the prime rate, derive from this base rate. The most commonly recognized prime rate index is the "Wall Street Journal" prime rate (the "WSJ" prime rate), published in "The Wall Street Journal". Unlike other indexed rates, the prime rate does not change on a regular basis; rather, it changes whenever banks need to title: Prime rate text: followed a policy of changing its published prime rate when 23 out of 30 of the United States' largest banks changed their prime rates. Recognizing that fewer, larger banks now control most banking assets—i.e., it is more concentrated—the "Journal" now publishes a rate reflecting the base rate posted by at least 70% of the top ten banks by assets. Effective January 2, 2015, the Base Lending Rate (BLR) structure was replaced with a new Base Rate (BR) system. Under BR, which will now serve as the main reference rate for new retail floating rate loans, banks in Malaysia can determine title: Prime rate text: Prime rate A prime rate or prime lending rate is an interest rate used by banks, usually the interest rate at which banks lend to favoured customers—i.e., those with good credit. Some variable interest rates may be expressed as a percentage above or below prime rate. Historically, in North American banking, the prime rate was the actual interest rate, although this is no longer the case. The prime rate varies little among banks and adjustments are generally made by banks at the same time, although this does not happen frequently. Currently, the prime rate is 5.25% in the United States title: History of the Federal Reserve System text: seven months after monetary aggregate policy had changed. From early 2001 to mid-2003 the Federal Reserve lowered its interest rates 13 times, from 6.25 to 1.00%, to fight recession. In November 2002, rates were cut to 1.75, and many interest rates went below the inflation rate. On June 25, 2003, the federal funds rate was lowered to 1.00%, its lowest nominal rate since July, 1958, when the overnight rate averaged 0.68%. Starting at the end of June 2004, the Federal Reserve System raised the target interest rate and then continued to do so 17 straight times. In February 2006, Ben