Posted by redforlife on February 06, 2023 at 08:35:23 from (68.234.121.189):
In Reply to: High prices posted by tractorkrum on February 05, 2023 at 08:00:15:
Interest rates were at such a low (near nothing), that it would take a sustantial increase on that to make any difference at all. A couple three 1/4 percent interest rate hikes is not going to make much difference, when it needs to go up 2 or 3 percent. And that only comes into effect for those who are financing what they buy.
But there is another side to that. The other side being the ones who are not using financing to buy thier things (paying with thier own cash). Even right now, a CD, savings account, etc., is not paying an interest rate worth while of having your money in there. Might as well keep that money invested into something else. If that money is invested in farm equipment, then there is an income tax break, as that can be chalked up as an operating expense. Probably do you more good depreciating something out on your income tax, than using the same money to draw interest in a CD at the bank. If the used equipment don't depreciate in value over time, then that would be kind of a plus in the end. The end result of that kind of doesn't make any difference, if the purpose of owning it is to help you out on income taxes.
Right now, most farmers have extra cash in thier pockets. We won't see any changes until that extra cash is no longer there. What will that take? I don't know. $4 corn for 3 years in row might make alot of changes. 10 or 15 percent interest rates would definately put a hurt on something.
Your not going to change the interest rate a 1/4 of a percent, and see the changes that you are wanting to see.
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