Native banks start adjusting charges after Fed hike

Local banks begin adjusting rates after Fed hike

(CNS): Local high street banks began announcing plans to increase their own interest rates following the three-quarter percent point hike by the Federal Reserve, Wednesday. Cayman National Bank and Proven Bank (formerly Fidelity) both advised customers that their CI$ and US$ Prime Lending Rates will increase from 5.50% to 6.25% from Friday. CIBC FirstCaribbean said it will also adjust its rates to 6.25% but not until 24 October offering customers a month’s grace.

Neither Butterfield nor RBC had made an announcement regarding when their rates will increase at the time of publication.

The hike comes after Federal Reserve Chair Jerome said Wednesday that he and his fellow policymakers would “keep at” their battle to beat down inflation through interest rate increases. This is the third hike of is kind this year and comes amid a new set of projections. Forecasts also show another large hike is likely by the end of the year. Powell said that there was no ‘painless’…