SDBA President Karl Adam react to Federal Resereve Board raising interest rates

PIERRE, S.D.(WNAX)- The Federal Reserve Board raised interest rates by three quarters of a point last week in another step to slow down inflation.

South Dakota Bankers Association President Karl Adam says the economy seems to be slowing.

Adam says the impact is first being seen in home sales.

Adam says there will probably be more rate hikes this year.

The prime rate is now at six point two five percent, but some variable rate loans are now as high as nine percent.