Dollar Burden In response to the coronavirus crisis, the U.S. Federal Reserve has cut interest rates, theoretically lowering the return on the dollar and making it relatively less valuable in the world. Yet its value versus other currencies has been skyrocketing. Dollars are being repatriated from emerging markets that are presumed riskier. This is depressing the value of other currencies and will be a drag on U.S. exports. However, it is not the result of currency manipulation – at last not intentionally.
Drug Burdens The U.S. government is entertaining requests to lower duties on imported drugs as a result of the coronavirus. The U.S. already belongs to the WTO’s Pharmaceutical Agreement. Signatories commit to reciprocati...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
