The Wall Street Journal Prime Rate (WSJ Prime Rate) is a measure of the U.S. prime rate, defined by The Wall Street Journal (WSJ) as "the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks". It is not the "best" rate offered by banks. It should not be confused with the federal funds rate set by the Federal Reserve, though these two rates often move in tandem.
The interest rate targeted by the Federal Reserve, the federal funds rate, is currently 1.75% to 2%. That’s after the Fed cut it a quarter of a percentage point on Sept. 18, 2019. The federal funds rate is the benchmark interest rate banks charge each other for overnight loans. It generally reflects the health of the economy and has a big impact on other interest rates.
The Prime Interest Rate is usually adjusted at the same time and in correlation to the adjustments of the fed funds rate. The graph and chart reported below are based upon the rates on the first day of each respective month over the past decade. The prime interest rate, or prime lending rate, is largely determined by the federal funds rate.
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Federal Reserve’s Website for Current Interest Rates A long range forecast for the WSJ Prime Rate and similar economic series is available by subscription. Click here to subscribe to the Prime Rate Extended Forecast.
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U.S. Prime Rate The federal open market committee (FOMC) of the Federal Reserve System has just adjourned its sixth monetary policy meeting of 2019 and, in accordance with our latest forecast, has voted to lower the benchmark target range for the federal funds rate to 1.75% – 2.00%.
Entering the final days of what has been an acrimonious federal election campaign, and having dispensed with the formalities.
The discount rate is the interest rate banks are charged when they borrow funds overnight directly from one of the Federal Reserve Banks. When the cost of money increases for your bank, they are going to charge you more as a result. This makes capital more expensive and results in less borrowing.