South Dakota bankers preparing for anticipated interest rate hikes

PIERRE, S.D.(WNAX)- Slowing the rate of inflation without crashing the economy will take a delicate balance.

South Dakota Bankers Association President Karl Adam says the Federal Reserve has started on that path by signaling upcoming interest rate hikes.

Adam says ag producers are especially vulnerable to interest rate increases.

Adam says the Federal Reserve is talking about a full point increase in the prime rate by the end of the year.

The first rate hike is expected to be announced at the Federal Reserve Board’s meeting next month.