PIERRE, S.D.(WNAX)- The Federal Reserve Board voted Wednesday to increase the prime interest rate by a quarter point. The rate had been near zero since mid-2020 in reaction to the pandemic.

South Dakota Bankers Association President Karl Adam says the hike was anticipated for some time.

Adam says this hike sets the stage for several more this year.

Adam says consumers may see interest rate changes on everything from car loans to credit cards.

Financial analysts say there may be as many as seven more rate adjustments this year.