Wall Street Journal Prime Resource
Your leading resource on all information related to the Wall Street Journal Prime Index
CURRENT WALL STREET JOURNAL PRIME INDEX
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7%
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ABOUT: WALL STREET JOURNAL PRIME
The Wall Street Journal (WSJ) Prime Rate is simply the base interest rate that American banks charge their absolute best, most trustworthy corporate customers for loans. Think of it as the starting line for almost all other variable-rate loans for businesses and consumers, like credit cards and home equity lines of credit.
Its Origin and Role
The WSJ Prime Rate isn't set by the government, but is a rate published by The Wall Street Journal (WSJ) after they survey the largest banks in the US. When a significant majority (historically 7 out of the 10 largest US banks) agree to change the rate they charge their top customers, the WSJ publishes the new, official benchmark rate.
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Historically, this rate is a predictable follower of the Federal Funds Rate—the rate the Federal Reserve (the Fed) sets for banks to lend money to each other overnight. The Prime Rate is usually set about 3 percentage points higher than the Fed's rate.
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