JP Morgan raises interest rate after Fed hike

July 27 (Reuters) – U.S. bank JPMorgan Chase & Co (JPM.N) said on Wednesday it had raised its prime rate by 75 basis points to 5.5%, effective Thursday.

The move follows the US Federal Reserve’s decision to raise its target interest rate by three-quarters of a percentage point for a second straight month to rein in soaring inflation. Read more

Reporting by Mehnaz Yasmin in Bangalore; Editing by Krishna Chandra Eluri

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