NSDU Crops Marketing Economist Frayne Olson is watching the economic reaction to the banking industry closely. “The banks that failed were very focused for the depositors, while a lot of the banks that farmers deal with are much more diversified.” Longer-term impacts will depend on the Federal Reserve. “Why did these banks fail? It’s because they got caught between a rock and a hard place with the rising interest rates.” Olson thinks the bank failures are an isolated situation.
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