Prime Rate
Rate used to price certain loans changed due to Federal Reserve rate decreases
MUFG Bank, Ltd. (New York) announced that, effective September 19, 2024, the Prime Rate has decreased to 8.00% from 8.50%.
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 September 19, 2024, the Federal Reserve's target interest rate decreased by a half of a percentage point; the benchmark overnight interest rate is now between 4.75% and 5.00%.
Navigating the LIBOR Transition
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