Wall Street Prime Rate 2024. On july 26th, 2023, the fed increased the fed funds rate for the last time before pausing rate hikes. The prime rate, as reported by the wall street journal's bank survey, is among the most widely used benchmark in setting home equity lines of credit and credit card rates.
Following a rate cut during the federal reserve’s september meeting, the prime rate declined from 8.50% to 8.00% on the subsequent day. Jerome powelldelivered exactly what traders up and down wall street had long hoped for: