The Federal Reserve lowered interest rates by a quarter of a percentage point on Sept. 17, the first cut in 9 months and indicated more cuts would follow to halt any slide in a labor market.
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The Federal Reserve voted unanimously to hold interest rates unchanged at their current 5.25% – 5.5% target in July.
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The number of Americans filing for unemployment benefits fell significantly last week, providing a boost to labor market optimism.
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Concerns about a decline in U.S. manufacturing might be overstated, given that the industry still boasts a quarter-million factories employing 13 million workers.
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In June, U.S. factory production exceeded expectations, with a 0.4% increase following a revised 1.0% rise in May.
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Ag bankers say farmers are tapping their savings from recent boom years instead of borrowing money at what are the highest interest rates since 2007.
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The still-robust U.S. economy and tight labor market could mean further interest rate hikes, Federal Reserve Chair Jerome Powell said.
Read moreU.S. inflation eased in December for the sixth straight month following a mid-2022 peak as the Federal Reserve aggressively raised interest rates and the economy showed signs of cooling.
Read moreThe outlook for profit opportunities in 2021 remained strong for most agricultural producers as commodity prices remained well above recent years.
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