Tag: interest rates
Local banks begin adjusting rates after Fed hike
(CNS): Local high street banks began announcing plans to increase their own interest rates following the three-quarter percent point hike by the Federal Reserve, Wednesday. Cayman National Bank and Proven Bank (formerly Fidelity) both advised customers that their CI$ and US$ Prime Lending Rates will increase from 5.50% to 6.25% from Friday. CIBC FirstCaribbean said […]
US Federal Reserve hikes interest rates by 0.75%
(CNS): The US Federal Reserve enacted its second consecutive 0.75% interest rate increase on Wednesday, taking its benchmark rate to a range of 2.25% to 2.5% following a two-day policy meeting. In an effort to tackle soaring inflation, Fed Chair Jerome Powell said the increase was essential and there will be more to come to […]
