Major U.S. lenders like JPMorgan Chase and Wells Fargo lowered their prime lending rates to 7.25% after the Federal Reserve cut interest rates by 25 basis points. The rate cut aims to stimulate borrowing and spending, as businesses have been hesitant to hire due to trade policy uncertainty. Concerns remain about the impact of tariffs and other economic factors.

Read more at Yahoo Finance: Big US banks lower prime lending rates after Fed rate cut