The Federal Reserve’s decision to raise rates this week could cost the Trump Organization an extra $1 million in borrowing costs.
The organization has seen the interest on its debt service payments increase $6 million a year since the president was inaugurated in January 2017, according to an analysis from Bloomberg.
The Fed raised the benchmark federal funds rate to between 2.25 percent and 2.5 percent, which will increase the Trump Organization’s payments on some $340 million in variable-rate loans.
Wednesday’s rate hike will push Trump’s estimated annual borrowing cost on those loans to about $17.1 million, according to Bloomberg.
The Trump Organization has declined to comment on its borrowing.