The current prime rate among major U.S. banks is 4%. The prime rate runs 3 percentage points above the central bank’s federal funds rate, which the Fed just raised to a target range of 0.75% to 1%.

The prime rate normally runs 3 percentage points above the central bank’s federal funds rate, which the Fed just raised to a target range of 1.5% to 1.75%.

The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.

Royal Bank is typically the first to move on rates after a Bank of Canada rate hike (REUTERS/Carlos Osorio) · Carlos Osorio / reuters Royal Bank kicked off the increases. The 50 basis-point increase ...