Banks Awaiting Possible Interest Rate Boost In 2016

MoneyThe Federal Reserve Board is expected to raise the prime interest rate at their meeting this week. The Fed has held the prime rate at three and a quarter percent since early 2009. The rate was dropped in response to the great recession of 2008.  Curt Everson is President of the South Dakota Bankers Association and says a rate move has been in the works for some time…

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Everson says while the rate is expected to rise a quarter point, the financial industry is still very competitive…

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Everson says the Fed still has to perform a balancing act…

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Everson says while the cost of bank loans may rise, so will interest rates paid by banks to savers.