PIERRE, S.D.(WNAX)- At their last meeting the Federal Reserve Board indicated no changes soon in their key interest rates, but inflation was mentioned as a future issue.

South Dakota Bankers Association President Karl Adam says changing Covid-19 infections may also play a part.

Adam says federal spending will also play a role in inflation and future interest rates.

State analysts recently told legislators that the state has received over eleven billion dollars in federal funding since early last year. Adam says that is good and bad news for bankers.

Adam says the consensus seems to be that interest rates may start rising sometime in the middle of next year.