Rate used to price certain loans changed due to Federal Reserve rate increase
MUFG Bank, Ltd. (New York) announced that, effective July 27, 2023, the Prime Rate has increased to 8.50% from 8.25%.
The rate is set by the banks based on various factors, including the bank's costs and desired return, general economic conditions, and other considerations.
Effective July 27, 2023, the Federal Reserve's target interest rate increased by a quarter of a percentage point; the benchmark overnight interest rate is now between 5.25% and 5.50%.
Navigating the LIBOR Transition
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