Interest rates staying higher for longer than expected won't likely cut into the optimism of small business owners, according to a National Federation of Independent Business official.Executive Director of Research said while it will frustrate many, their main concerns are taxes, regulations, labor participation and inflation. The NFIB survey showed the highest share of owners since June 2021 see this as a good time to expand their businesses.
A sense of an easier regulatory environment under Trump is enough to keep small business owners feeling positive, she said. And now business owners aren’t worried that the provisions from Trump’s Tax Cuts and Jobs Act of 2017 will expire at the end of next year. The Fed did cut its benchmark interest rate another quarter of a point Wednesday, bringing the rate down a full percentage point since September. This continued the reversal of the higher rates the Fed monetary policymakers implemented between 2022 and 2023 as a lever to tame inflation.Chief Financial Analyst Greg McBride said the Fed showed it will take “a more cautious, deliberate approach in 2025 because of inflation remaining stubbornly high.” And the Fed’s projections now indicate just two interest rate cuts for next year, down from an expectation of four rate cuts in September. Borrowing costs are certainly a concern for a lot of small businesses, especially those with loans, lines of credit, or products that their customers typically finance, Wade said.The latest NFIB survey showed the highest share of owners since June 2021 see this as a good time to expand their businesses.
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