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: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
