Tag: US Federal Reserve
Local banks follow US with interest rate cut
(CNS): Since the US Federal Reserve announced a 0.5% interest rate cut last week, some local banks have followed suit and reduced prime lending rates by the same amount. Butterfield, Cayman National and Proven Bank have all issued notices that their CI$ and US$ prime lending rates are decreasing from 8.50% to 8.00%. While interest […]
Fed interest rate hike pushes up local mortgages
(CNS): The US Federal Reserve raised interest rates by a quarter percentage point this week, the eighth increase in less than a year in the battle against inflation. Though the hike was the smallest since March last year, it will still push interest rates on local loans and mortgages to at least 7.5%. This rapid […]
US Fed hikes interest rates by another 0.75%
(CNS): The US Federal Reserve has again raised interest rates by three-quarters of a percentage point as it battles the worst inflation in 40 years. Cayman banks are expected to follow suit, pushing up local lending base rates to 7%. Fed Chair Jerome Powell said the pace of hikes could soon slow down but he […]
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 […]
