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Grassley concerned about ag impact from high interest rates

U.S. Senator Chuck Grassley is concerned about the impact high interest rates are having on the ag economy.

The Iowa Republican tells Brownfield when farmers are dealing with the added expense, it effects buying decisions like crop inputs or equipment.

“Because if you’re going to spend $200,000 or $300,000 for a tractor, the rate of interest is a big factor to whether or not you’re going to purchase that or whether that implement dealer is going to make a sale.”

He says Congress should enact a policy to ensure an administration isn’t acting contrary to the Federal Reserve.

“So every time we do more deficit spending and overspend, we’re making the Fed’s job a little harder.”

Grassley says until inflation shows signs of letting up, he expects the Fed to keep interest rates elevated.

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