Interest Rates Headed Up, So Get That Loan Now

If you can believe the brokers, economists and politicians, it’s a done deal - the Federal Reserve Board will raise interest rates Tuesday.

Does this sound familiar? Analysts thought the Fed would raise interest rates twice last year, but it didn’t. It hasn’t hiked the rate it charges banks for overnight loans since February 1995. That rate currently is 5.25 percent.

However, Fed chairman Alan Greenspan warned Congress last week that tight labor markets are increasing inflation pressures and a pre-emptive strike against an overheated economy may be necessary.

In other words, interest rates - and the price of credit - are probably going up.

In other events this week:

Today Forest Stewardship Management seminar for private timberland owners opens in Moscow. Call Dan Pierce at 208-882-2411.

Vice President Al Gore visits Beijing.

Academy Awards presented.

Tuesday

Spokane attorneys Joel McCormick and Rob Crick conduct a seminar for the construction industry at 6 p.m. at the Riverpoint Higher Education Park classroom building, 668 N. Riverpoint Blvd. Cost: $35 for members of the Inland Northwest Associated General Contractors; $55 for nonmembers. Call 535-0391.

Post Falls School District holds vote on $500,000 supplemental levy.

National Association of Realtors releases February existing home sales.

Wednesday

Steve Scranton, AgAmerica Farm Credit Bank assistant treasurer, speaks about derivatives to the Inland Northwest Treasury Management at noon at the Shilo Inn. Call Ron Cruse at 533-0260.

Business to Business Tour to the Boeing Co., KHQ-TV and Bayou Brewery begins at 12:45 p.m. Cost: $25. Call Spokane Area Chamber of Commerce at 459-4111.

Thursday

Track and field star Evelyn Ashford speaks at the YWCA annual breakfast fund-raiser at 7:30 a.m. at the Ag Trade Center. Call 326-1190, ext. 133.

Spokane Department of Emergency Management’s seminar for businesses that need to develop emergency operating plans begins at 8 a.m. at the Shilo Inn. Cost: $35. Call Carol Morrisen, 456-2204.

Final day for farmers to apply for federally backed multi-peril crop insurance.

Idaho Wheat Commission meets in Boise.

Friday

Spokane Area Chamber of Commerce hosts the Issues & Answers program at 7:30 a.m. at 1020 W. Riverside. Cost: $2. Call 459-4111.

Final day for farmers to sign up for the Conservation Reserve Program.

Deadline for Crop Growers Corp. to receive counter offers to Fireman’s Fund $81 million bid for the insurer.

Good Friday. Markets closed.

Saturday

Author Andrew Tobias speaks to the MoneyTalk ‘97 personal finance exposition, beginning at 10 a.m. at the Spokane Convention Center. Tickets: $5 at the door and at Seafirst Bank, Bank of America and The SpokesmanReview offices.

, DataTimes ILLUSTRATION: Graphic: Aluminum prices

MEMO: This sidebar appeared with the story: ON THE SHELF Business Week, March 24: Inside stories examine why cable giant Tele-Communications Inc. wants to take over Primestar satellite TV, while U.S. West is pouring billions into cable systems. Consumer Reports, April: Cover story reviews 1997 car models.

Momentous moments Where Momentum, a Spokane economic development agency, invested money from 1987-1996: Tourism: $2.48 million. Public affairs: $2.02 million. Business recruitment: $1.95 million. Surveys, fund-raising, administration and miscellaneous: $1.8 million. Business retention and expansion: $1.63 million. Education: $315,000. Urban core: $313,000.