The nation's central bank raised short-term interest rates again on Wednesday in its ongoing effort to slow the economy and thwart inflation.

Commercial banks quickly reacted to the Federal Reserve System's move by increasing their prime lending rate to 9% from 8.50%.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.