Fed cuts interest rates and what this means for South Dakota

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The federal interest rate is the minimum rate at which big banks can charge each other for overnight loans. The interest rate cuts also extend to local businesses and the agricultural sector. According to Dr. Kopplin, businesses with variable-rate financing may see a short-term increase in profitability as their borrowing costs decrease while output prices remain temporarily stable. This marks the first time since December 2024 that the Fed has cut interest rates by 0.25% or more. During the 2008 financial crisis, for instance, the interest rate fell from 5.0% over the course of about 15 months.