Lance Lillibridge grows corn, soybeans, alfalfa, and raises red angus cattle near Vinton in east-central Iowa.
“When you look at the number of dollars that we have to move and handle. I was just having a conversation with my son about the amount of dollars that comes in our hands and goes out. And if we’re having to pay interest on that, that’s a big deal. So if interest rates go up even a half a percent, it’s a big chunk of money.”
Federal Reserve Chairman Jerome Powell recently hinted at higher interest rates. On Wednesday he said, “with inflation well above 2 percent and a strong labor market, the committee expects it will soon be appropriate to raise the target range for the federal funds rate.”