The Federal Reserve Board is expected to raise the prime interest rate at their meeting this week. The Fed has held the prime rate at three and a quarter percent since early 2009. The rate was dropped in response to the great recession of 2008.
Curt Everson is President of the South Dakota Bankers Association and says a rate move has been in the works for some time…..

Everson says while the rate is expected to rise a quarter point, the financial industry is still very competitive…..

Everson says the Fed still has to perform a balancing act…..

Everson says while the cost of bank loans may rise, so will interest rates paid by banks to savers.