Wells Fargo Reacts to Fed Rate Hike and Raises Rates for Borrowers

It took Wells Fargo just 12 minutes to raise its prime rate after the Federal Reserve's interest rate hike .
It is the first major bank to raise its prime rate in reaction to the Fed hike. The Fed said at 2 p.m. ET that it was raising its fed-funds target rate by a quarter percentage point to a range of 0.25% to 0.5%;

Wells Fargo said at 2:12 p.m that it was raising its prime rate to 3.50% from 3.25%, effective Thursday.

(via Market Watch)