PIERRE, S.D.(WNAX)- By raising interest rates, the Federal Reserve Board is hoping to slow spending which in turn would ease the rate of inflation.

Karl Adam, President of the South Dakota Bankers Association, says there are signs the rate hikes are having an effect.

Adam says the Fed is working a fine balance.

Adam says the rate hikes come at a critical time for ag producers.

The Fed Board meets again next month and may consider another rate increase before the end of the year.