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Fed Raises Rates for First Time in 2016, Anticipates 3 Increases in 2017 Central bank will nudge up the federal-funds rate by a quarter percentage point to between 0.50% and 0.75% Federal Reserve Chairwoman Janet Yellen explains the decision to raise the federal-funds rate by a quarter percentage point, and the expectation for further increases in 2017.
The target federal funds rate, which is set by the Federal Reserve Board, serves as the basis for the prime rate. The federal funds rate is the interest rate commercial banks charge each other for overnight lending. Generally, the prime rate is about 3 percent higher than the federal funds rate. That means that when the Fed raises interest rates, the prime rate also goes up. Banks use the prime rate to set interest rates on numerous short-term loan products.