Wednesday, December 16, 2015

Wells Fargo Reacts to Fed Rate Hike and Raises Rates for Borrowers

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)


  1. no mention of rate increases for savers?

    1. Of course not. Savers are just greedy, anti-social cash hoarders and should be punished with negative interest rates or outright expropriation. We need to be like our wise and beneficent overlords and spend with wild abandon. After all, we only owe it to ourselves, right?

    2. Drudge had a link last night that didn't last long, that said rates are going up for borrowers but not savers- I dug it up for you:

  2. "...That's why I have an account at Satan's Bank...dba Wells Fargo! Open an account today! (Account subject to confiscation and other regulatory rules. Remember, it's for your own good...)"

    *Sigh*. What a world we live in...

    Prediction RW: The Market will be up as Inflationary Expectations begin to get factored into Outlooks. "Up is Down, Black is white...".