Two of Bermuda’s banks remain unmoved after the United States Federal Reserve Board’s decision to raise its benchmark interest rate by 25 basis points last week, the first rate increase since July 2023.

Butterfield Bank said: “Following this week’s announcement of a 25-basis-point increase in the US Federal Funds Rate, Butterfield’s base rate for Bermuda dollar residential mortgages, consumer loans, corporate loans and USD loans remain unchanged.”

Clarien Bank said it “will not be increasing its Bermuda dollar base lending rate at this time in response to the Fed rate change”.

The institution continued: “Clarien Bank deposit rates are reviewed and adjusted regularly, not just at Fed rate decision dates.

“The bank actively monitors international interest rate developments, funding cost trends, and the local competitive environment. All of these are factors in Clarien’s approach to lending and deposit rates.”

HSBC Bermuda was also invited to comment.