The Federal Reserve made no change to the prime interest rate at their meeting last week, but signaled there may be a move sometime this fall. Their key lending rate has been near zero since 2008. Curt Everson, President of the South Dakota Bankers Association says any move the Fed makes will have a trickle-down effect on state banks…
Everson says an increase in the prime rate could also mean better returns for savers…
Everson says even if the Fed raises rates this fall, the cost to borrow money will stay low…
The Fed said any increase in rates would be based on the strength of the economy.