The Federal Reserve has again voted to raise interest rates, a move most economists saw coming. “Our spring 2018 Economic Outlook Survey found record optimism from small and mid-sized business owners nationwide about the national economy, their local economies and their own companies,” said PNC Chief Economist Gus Faucher. “These companies reported expectations that U.S. economic growth will accelerate in 2018 and the labor market will tighten.” Under these circumstances, it’s common for the Federal Reserve to increase interest rates. “To prevent the economy from overheating, the Fed will continue to gradually raise the federal funds rate throughout 2018,” added Faucher.
Here’s what higher interest rates could mean for your small business:
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1. 2017 Business Dynamics Statistics, U.S. Census Bureau, 2017
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