Indiana farmers, like farmers across the United States, can expect to feel a financial fallout from the recent federal rate hike.
LA SALLE, Colo. — Harry Strohauer only hopes for a few things as a farmer: timely rain, no hail, and low interest rates.
The average farm in America owes $1.3 million. Every percent in interest is precious when borrowing that amount of money. So when the Federal Reserve raised interest rates a half percent, the highest hike in almost two decades, the agriculture community took notice. "Inflation is happening. It's not going away quickly," he said."The fed caused it, and it's the fed's job to fix it.""In 1981, the 30-year mortgage rate peaked at over 18% because it was based on an expectation that the inflation, which reached over 14% was going to be a continuing phenomenon," said Cryan.
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