Last week the Federal Reserve – by a unanimous vote – moved to increase the federal funds rate by another 75 basis points for the third consecutive meeting, which brings the rate to the 3 - 3.25 percent range. That’s the highest since since early 2008 prior to the last recession. More important, however, is the Federal Open Market Committee’s (FOMC) outlook for more rate hikes. The September meeting was one of the Committee’s so-called “dot-plot” meetings, which refers to a chart the committee issues with dots, each representing a Fed member’s view on where the federal funds rate should be at the end of the current and following years. Below is the Fed’s plot.
Based...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
