FORT WAYNE, Ind. (WANE) – The fiscal year is about to wrap up as the Federal Reserve has announced it will raise interest rates. The Fed hasn’t said when the increase will happen, but a local financial expert projected that it will happen in the third or fourth quarter.
Edison Byzyka, vice president of investments at Hefty Wealth Partners, estimates that it will likely happen in the third or fourth quarter because of the current trend in the economy. Byzyka said interest rates would gradually increase but pick up next year.
“There’s some conventional wisdom out there that any potential interest rate hike is going to be bad for the economy,” Byzyka said. “But when we look at this from an objective standpoint, from historical analysis we have no basis to justify this answer.”
Byzyka also doesn’t believe there will be a significant rise in interest rates for people buying a home or taking out an auto loan.