Interest rates staying higher for longer than expected will frustrate many small business owners, according to a National Federation of Independent Business official.Executive director of research, said interest rates staying higher for longer than expected will frustrate many small business owners.“I don't believe it will be a significant contributing factor to any potential easing of optimism going forward,” she said.
“Their main concerns are taxes and regulations, labor participation, and inflation.”The latest 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.
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Small Business Optimism Remains Strong Despite Higher Interest RatesDespite the Federal Reserve's decision to keep interest rates higher for longer, small business optimism remains strong. A National Federation of Independent Business (NFIB) official stated that while higher borrowing costs are a concern, small business owners are more focused on issues like taxes, regulations, labor participation, and inflation. The NFIB survey showed the highest share of owners since June 2021 seeing this as a good time to expand their businesses. A sense of regulatory ease under the Trump administration and continued positive effects from the 2017 Tax Cuts and Jobs Act are contributing factors to this optimism.
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