When the fed raised the short-term interest rates on last week, it took about two hours for the credit card companies to raise rates on their customers. Banks increased the prime rate to 8% in a matter of hours, and that difference is already showing up in this month’s credit card statement. Surely this is an efficient market in its full glory.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250055