Interest rates are now at the highest level since September of 2007. The benchmark rate was increased another quarter-percentage point and is now in a range of 4.5-to-five percent. Federal Reserve Board Chairman Jerome Powell said the economy was doing better than expected since the last Federal Open Market Committee meeting. However, the recent bank failures will likely result in tighter credit conditions and a different tone from the Fed. “We no longer state that we anticipate that ongoing rate increases will be appropriate to quell inflation. Instead, we now anticipate that some additional policy firming may be appropriate.”
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