JPMorgan raises prime rate after Fed’s interest rate move

(Reuters) – JPMorgan Chase & Co said on Wednesday it would raise its prime rate by 50 basis points to 4%, effective Thursday.

The decision comes after the U.S. Federal Reserve raised its overnight interest rate by half a percentage point, the biggest jump in 22 years.

(Reporting by Manya Saini in Bengaluru; Editing by Anil D’Silva)