It took Wells Fargo just 12 minutes to raise its prime rate after the Federal Reserve's interest rate hike .
It is the first major bank to raise its prime rate in reaction to the Fed hike. The Fed said at 2 p.m. ET that it was raising its fed-funds target rate by a quarter percentage point to a range of 0.25% to 0.5%;
Wells Fargo said at 2:12 p.m that it was raising its prime rate to 3.50% from 3.25%, effective Thursday.
(via Market Watch)