The Senate Banking Committee held a hearing today entitled, “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.” Testifying were Fed Chairman Jerome Powell and Treasury Secretary, and former Fed Chair, Janet Yellen. As the title suggests, the hearing was all about COVID and its impact on the economic outlook since the outbreak began more than 20 months ago,. Powell noted a few key points from the Fed’s perspective:
The economy started to recover quickly last spring only to be set back by the Delta variant over the summer.
The decline in Delta COVID cases in September corresponded with “a pick-up in economic growth.”
Part of the impact of the Delta varia...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
