On Wednesday, Citigroup Inc C.N, Wells Fargo & Co WFC.N, JPMorgan Chase & Co JPM.N and Bank of America Corp BAC.N each lifted their base rates to 3.5% from 3.25%. The U.S. central bank, looking to counter economic risks posed by excessive inflation, raised its benchmark rate by a quarter of a percentage point on Wednesday. Banks, which make money on the difference between what they earn from lending and pay out on deposits and other funds, typically thrive in a high interest rate environment.