Billionaire Investor Wilbur Ross spoke with FOX Business Network’s (FBN) Liz Claman and David Asman about his concerns surrounding the recent Federal Reserve announcement. Ross said, that he believes “rates are going to go up” and that most of his companies have locked in low interest rates for most of our debt.

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Wilbur Ross video Interview and Excerpts Embedded Below

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On whether Wilbur Ross is taking precautionary measures in advance of what the Federal Reserve may or may not do:

“What we did as a precautionary measure actually before the announcement was we had all our companies get as much long term fixed-rate money as they could, because we do believe that rates are going to go up and we think it’s foolish to try to wait til the very last minute or try to guess the exact bottom”

On whether Wilbur Ross locked in low interest rates for the remainder of his companies debt:

“We believe so. A few of our companies do still have some floating rate debt because that’s the nature of their business.”