The Federal Reserve announced another increase to the benchmark federal funds rate, but this time by just 0.25 percentage points. With that change, the prime rate has now increased from 7.5% to 7.75%. As usual, the new rate will apply immediately, including for Chapter 13 plans proposed at meetings of creditors and confirmation hearings next week.
The Fed signaled that another increase is likely next month, but that it may at least pause after that. The next announcement is scheduled for March 22, 2023.