Iowa Corn Growers president concerned about interest rates rising

The president of the Iowa Corn Growers Association is concerned about rising interest rates.

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.”