I have read that it should be pruned after it blooms in the spring. It is huge and has over grown the space. Would it harm the plant to cut it to the ground now or even later this fall?
Such is called renewal or renovation. You will not get flowers next year, but you will get a smaller top for some years. However, at some point it will be "too big" again. So, you might want to dig it up and put it elsewhere else while the top is gone sometime this winter.
The entire genus looks dead in the winter but has other attributes that make it a popular landscape staple in this region. Independent garden centers have multiple kinds for sale every year. A native species forms thickets in local wetlands.
'Snowmound' specifically has a clean appearance when in flower and in leaf that is nice, as is its arching habit.
But as with the others, during the winter it looks like it has died.
Shrubby potentilla has the same significant drawback. But it blooms for months at a time.
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