Moran questions Reserve on interest rate hikes, consequence to Kansas farmers

Sen. Jerry Moran (R-KS)
Sen. Jerry Moran (R-KS)
Published: Jun. 23, 2022 at 3:28 PM CDT
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TOPEKA, Kan. (WIBW) - Senator Jerry Moran questioned the Federal Reserve during a hearing on Wednesday about interest rate hikes and the consequence on Kansas farmers.

U.S. Senator Jerry Moran (R-Kan.) - a member of the U.S. Senate Banking Committee - questioned Federal Reserve Chairman Jerome Powell on Wednesday, June 22, during a committee hearing.

Sen. Moran said during the hearing, that members discussed recent interest rate hikes and their impact on the Kansas agricultural community. He said in the increasingly difficult business environment Kansas farmers already face, uncertainty about the trajectory of costs poses a growing threat to the industry and its leaders.

“Farming is a noble calling, and it has a lot to do with being able to feed people who are now desperate,” Moran said. “Part of the concern in regard to agriculture is that interest rates have a significant consequence to the profitability, to the survivability, of producers and profit margins get squeezed. If interest rates continue to climb, we face declining or lower land values that create greater access to credit challenges.”

To hear the Senator’s full remarks, click HERE.

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