PIERRE, S.D.(WNAX)- The Federal Reserve Board raised the prime interest rate last week by a half point in an attempt to slow down inflation.

South Dakota Bankers Association President Karl Adam says the rate hike will make borrowing more expensive.

Adam says it’s a balancing act for the Federal Reserve Board.

Adam says the expectation in the industry is to see half point rate hikes every month for the rest of the year.