Fed Increases Rate 50 Points

As expected, the Federal Reserve raised its key interest rate by 50 basis points Wednesday. “They did raise rates by half a percent and the range is 4.25 and 4.5 percent,” said Brad Paulson, president, Northern Crops Marketing and Investments. “The rates are the highest in 15 years, since the 2007 financial meltdown.” Paulson expects the Fed to slow the rate hikes sometime before next summer. “It all depends on how the economy performs and how everyone responds to these interest rates.”