An ag economist says the Federal Reserve’s decision to raise interest rates a quarter percentage point won’t have an immediate impact on many farmers and ranchers.

But Michael Swanson with Wells Fargo says farmers can keep this in mind as they consider how to approach next year’s operating expenses.

“If you’re a business operator, you have to change your solutions based on prices,” says Swanson. “If the price of debt has gone up, you want to use less of it unless you have a compelling reason to use it.”

Swanson says there’s opportunity cost right now.

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