JPMorgan raises prime lending rate after Fed's sharp hike

JP Morgan Chase & Co. corporate headquarters in New York. Credit: Reuters File Photo

US bank JPMorgan Chase & Co said on Wednesday it had raised its prime lending rate by 75 basis points to 4.75%, effective Thursday.

The move follows the Federal Reserve's decision to raise its target interest rate by three-quarters of a percentage point, the biggest by the US central bank since 1994, to tame red-hot inflation.