Citigroup, Wells Fargo Raise Base Loan Rates Following Fed Rate Move

© Reuters. Customers use ATMs at a Citibank branch in the Jackson Heights neighborhood of the Queens borough of New York City, US Oct. 11, 2020. REUTERS/Nick Zieminski

(Reuters) – Citigroep Inc (NYSE:) and Wells Fargo (NYSE:) & Co said Wednesday they were raising their key interest rates, hours after the US Federal Reserve raised its benchmark rate by a quarter of a percentage point.

Both banks said they have raised their key interest rates to 3.5% from 3.25% effective Thursday.

The Federal Reserve raised interest rates on Wednesday to curb runaway inflation, and said it would aggressively phase the economy away from pandemic-era measures to curb decades-long inflation.

The central bank said it would push the key federal fund rate to a range of 1.75% to 2.00% by the end of 2022.

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