PIERRE, S.D. (WNAX) – The Federal Reserve meets next week and its widely expected they will cut interest rates at least a quarter point.
Curt Everson, President of the South Dakota Bankers Association, says there are some changes happening before the Fed takes any action.
President Trump has been pushing the Fed to cuts rates to keep the economy moving. Everson says while it may not have much of an impact, a cut couldn’t hurt.
Everson says while agriculture is struggling, interest rate costs haven’t been a big part of that.
The current prime rate is 5.25 percent and has risen slowly over the past couple of years.