Interest Rates Unchanged, For Now

Despite growing optimism for the U.S. economy, the Federal Reserve does not expect to raise interest rates until the end of 2023. In a statement, the Federal Reserve board said the sectors most adversely affected by the COVID-19 pandemic remain weak and inflation continues to run below two percent.

Federal Reserve Cuts Benchmark Interest Rate

The Federal Reserve has cut the benchmark interest rate by a quarter percent. This is the third interest rate deduction this year. Fed Chair Jerome Powell also indicated interest rates will likely stay at current levels unless the economy takes a sharp downturn.

AgCountry Farm Credit Services is also reducing interest rates on variable rate loans starting December 1. According to AgCountry President and CEO Marc Knisely, this move will help better position farmers during the current economic challenges. The decision comes following the announcement by the Federal Reserve.