The Federal Reserve raised interest rates a quarter point Wednesday — the first increase since 2023 — and by Thursday morning eight of the country's largest banks had pushed prime from 6.75% to 7%. Three of those banks are Charlotte institutions, which means a rate hike reaches this city on both sides of the ledger: households pay more on revolving debt, and the region's dominant industry generally does better when rates rise. Also: the Women's Tennis Association is moving its global headquarters to Charlotte and bringing the WTA Finals to Spectrum Center for three years, CMS pauses its own compliance review over a subcontractor conflict, and a free festival with 35 countries this Saturday.

CLT Daily — Charlotte's independent daily briefing. New episodes every morning. cltdaily.com

Sources this episode: Federal Reserve, WFAE, WBTV, WCCB, Axios Charlotte, CNN, Office of the Governor of North Carolina, UNC Charlotte.

CLT Daily is written, hosted and produced by Steve Bouboulis, an independent journalist covering the Queen City. Got a tip, a document, or a story the city isn't telling? Reach him on LinkedIn: https://www.linkedin.com/in/stevebouboulis/

Hosted on Ausha. See ausha.co/privacy-policy for more information.