Rob Fox
CoBank
kAm• %96 568C66 @7 64@?@>:4 F?46CE2:?EJ C6=2E65 E@ EC256 A@=:4J :D =6DD E92? :E H2D 2 J62C 28@]k^Am
kAm• u62CD @7 2? 2CE:7:4:2=\:?E6==:86?46\5C:G6? DE@4<\>2C<6E 3F33=6 3FCDE:?8 2?5 52>28:?8 E96 3C@256C 64@?@>J 2C6 @G6C3=@H?]k^Am
kAm• (6 6IA64E E92E C65F465 F?46CE2:?EJ[ C65F465 :?E6C6DE C2E6D 2?5 E96 “~?6 q:8 q62FE:7F= q:== p4E’D†DE:>F=2E:G6 67764ED H:== 96=A DFAA@CE E96 64@?@>J :? a_ae]k^Am
kAmkDEC@?8mt?E6C:?8 a_ae[ 64@?@>:4 F?46CE2:?E:6D 2C6 >F49 C65F465 7C@> 2 J62C 28@]k^DEC@?8m p=E9@F89 2 >@C6\AF8:=:DE:4 &]$] EC256 A@=:4J H2D 6IA64E65 7C@> E96 ?6H 25>:?:DEC2E:@?[ E96 D:K6 2?5 D4@A6 @7 E96 pAC:= “{:36C2E:@? s2J†E2C:77D D6?E DE@4<D A=F>>6E:?8] %96 $U2>Aj! d__ x?56I 3@EE@>65 @FE af A6C46?E =6DD E92? :ED u63CF2CJ 9:89] qFE 27E6C E96 :?:E:2= >2C<6E >2J96>[ E96 E2C:77D H6C6 7:CDE 56=2J65[ A2CE:2==J H2=<65 324<[ E96? G2C:@FD EC256 562=D H6C6 4FE[ 2?5 3J =2E6 yF?6[ E96 DE@4< >2C<6E C64@G6C65 :ED =@DD6D]k^Am
kAm%96 67764E:G6 24C@DD\E96\3@2C5 E2C:77 C2E6 :D ?@H 23@FE `f A6C46?E] qFE 32D65 @? E2I 4@==64E:@?D[ E96 24EF2= 2G6C286 :>A@CE E2I A2:5 :D @?=J 23@FE `_ A6C46?E – G6CDFD b A6C46?E :? a_ac] (6 6IA64E E92E E@ 564C62D6 6G6? 7FCE96C 2D E96 C65F465 E2C:77D @? r9:?2 2?5 :>A@CE65 7@@5 AC@5F4ED E2<6 67764E[ 2?5 >@C6 3:=2E6C2= 28C66>6?ED 2C6 7:?2=:K65] p=E9@F89 E2C:77D 92G6 ?@E 4@>A=6E6=J 8@?6 2H2J[ E96 F?46CE2:?EJ 724E@C DFCC@F?5:?8 E96> 92D 72565 :?E@ E96 324<8C@F?5[ 2E =62DE 7@C ?@H]k^Am
kAm%96 C65F465 >2C<6E 2?I:6EJ 42? 36 D66? :? 9:DE@C:42==J 56AC6DD65 G@=2E:=:EJ >6EC:4D 7@C 6BF:EJ[ 3@?5 2?5 4FCC6?4J >2C<6ED[ 2D H6== 2D :? 9:DE@C:42==J E:89E 4@CA@C2E6\4C65:E DAC625D –DF886DE:?8 62D:6C 4C65:E 4@?5:E:@?D] pE E96 D2>6 E:>6[ 8@=5 2?5 4CJAE@4FCC6?4:6D[ H9:49 H6C6 G:6H65 2D 92G6?D 7C@> &]$] A@=:4J C:D<D[ 92G6 AF==65 324< 7C@> C64@C5 ?F>36CD] p7E6C A=F>>6E:?8 :? E96 7:CDE BF2CE6C[ E96 5@==2C DE23:=:K65 2?5 82:?65 c A6C46?E :? E96 7@FCE9 BF2CE6C] &]$] EC62DFCJ J:6=5D 92G6 65865 =6DD 8:G6? DEC@?8 :?G6DE@C 56>2?5] %96 >F49 32==J9@@65 “D6== p>6C:42†EC256 2AA62CD E@ 92G6 7:KK=65 @FE]k^Am
kAm(:E9 E2C:77D 725:?8 7C@> E96 7@C6[ 2CE:7:4:2= :?E6==:86?46 92D 364@>6 E96 >2:? 7@4FD @7 7:?2?4:2= >2C<6E AC@8?@DE:42E:@?] (9:=6 2CE:7:4:2= :?E6==:86?46 H2D 2=C625J G6CJ >F49 @? 6G6CJ@?6’D C252C 2 J62C 28@[ E96 >2DD:G6 42A:E2= :?G6DE>6?ED :? 2CE:7:4:2= :?E6==:86?46 2?5 C6=2E65 D68>6?ED 92G6 6IA=@565 E@ F?7@C6D66? =6G6=D – 2=>@DE Sc__ 3:==:@? 2=@?6 :? a_ad 7C@> ;FDE E96 E@A\7:G6 2CE:7:4:2=\:?E6==:86?46 A=2J6CD] %96 5:C64E :?G6DE>6?ED :? 2CE:7:4:2= :?E6==:86?46 2?5 :ED C6=2E65 :?7C2DECF4EFC6[ 4@>3:?65 H:E9 E96 H62=E9 67764ED 7C@> E96 DFC8:?8 DE@4< >2C<6E[ 4@?D6CG2E:G6=J 25565 ` A6C46?E E@ 8C@DD 5@>6DE:4 AC@5F4E :? a_ad] (6 6IA64E E9@D6 DECF4EFC2= 7@C46D E@ 4@?E:?F6 E9C@F89 2E =62DE E96 ?6IE `a E@ ac >@?E9D]k^Am
kAmkDEC@?8mxD DE@4< >2C<6E :? 2 3F33=6nk^DEC@?8mk^Am
kAm%96 762C :D E92E E96 2CE:7:4:2=\:?E6==:86?46 3@@> 92D =:7E65 E96 6?E:C6 DE@4< >2C<6E E@ F?DFDE2:?23=6 96:89ED 2?5 E92E 2 3:8 >2C<6E 4@CC64E:@? H@F=5 =625 E@ 2 D92CA AF==324< :? 4@?DF>6C DA6?5:?8[ >2J36 6G6? 42FD:?8 2 C646DD:@?] %92E’D @?6 A@DD:3:=:EJ 3FE ?@E E96 >@DE =:<6=J D46?2C:@] r@CA@C2E6 62C?:?8D C6>2:? 6IEC6>6=J DEC@?8 2?5 288C682E6 4@CA@C2E6\563E =6G6=D 2C6 9:DE@C:42==J D>2== – >@DE @7 E96 DE@4< >2C<6E 82:?D :? E96 D64@?5 92=7 @7 a_ad H6C6 2EEC:3FE23=6 E@ 4@?E:?F2==J :>AC@G:?8 62C?:?8D 6IA64E2E:@?D[ ?@E :CC2E:@?2= 6IF36C2?46]k^Am
kAm%96 4FCC6?E 2CE:7:4:2=\:?E6==:86?46 3@@> :D @7E6? =:<6?65 E@ E96 8C62E C2:=C@25 3@@> @7 E96 =2E6 `g__D E92E =65 E@ 2 76H 5:776C6?E 64@?@>:4 5@H?EFC?D] qFE C646?E H@C< 5@?6 3J $2?<6J #6D62C49 A@:?ED E@ 2 >@C6 2AE 4@>A2C:D@? – E96 @:= 2?5 82D\D92=6 3@@> 7C@> a_`_ E@ a_`d H:E9 :ED S` EC:==:@? :?G6DE>6?E] x? C6=2E:G6 E6C>D[ 3@E9 3@@>D C6AC6D6?E65 23@FE _]b A6C46?E @7 E@E2= 8C@DD 5@>6DE:4 AC@5F4E[ 3FE E96 288C682E6 42A:E2= 6IA6?5:EFC6 :? E96 @:= 2?5 82D D64E@C C2? H6== >@C6 E92? `__ A6C46?E @7 7C66 42D9 7=@HD G6CDFD 2? 2G6C286 @7 23@FE e_ A6C46?E 7@C 9JA6CD42=6CD 4FCC6?E=J]k^Am
kAmsFC:?8 E96 =@?86C E6C> @7 E96 ?6IE E9C66 E@ 7:G6 J62CD[ 2CE:7:4:2= :?E6==:86?46 H:== =:<6=J A=2J @FE D:>:=2C=J E@ E96 D92=6 3@@> – @G6CAC@5F4E:@? @7 2 4@>>@5:E:K65 AC@5F4E[ =6DD\E92?\6IA64E65 62C?:?8D 2?5 5:D2AA@:?E:?8 :?5FDECJ AC@7:E >2C8:?D] p7E6C A62<:?8 :? a_`c[ @:= DE@4<D =2?8F:D965 7@C J62CD 367@C6 AC:46D 2?5 AC@7:E23:=:EJ C6EFC?65] w@H6G6C[ ;FDE 2D E96 @G6C2== 64@?@>J 36?67:E65 7C@> E96 C65F465 @:= 2?5 82D AC:46D[ =:<6H:D6 H6 H:== D66 AC@5F4E:G:EJ 82:?D 7C@> 2CE:7:4:2= :?E6==:86?46 24C@DD E96 6?E:C6 64@?@>J] pD H6 ?@E65 AC6G:@FD=J[ E96C6 :D 6IEC6>6=J D42?E 6G:56?46 E92E 2CE:7:4:2= :?E6==:86?46 :D E2<:?8 2?J EJA6 @7 E@== @? E96 =23@C >2C<6E J6E] pD =@?8 2D >@DE @7 E96 2CE:7:4:2=\:?E6==:86?46 42A:E2= 6IA6?5:EFC6D 4@>6 7C@> 6I:DE:?8 42D9 7=@H C2E96C E92? 563E[ DECF4EFC2= C:D< E@ E96 64@?@>J D9@F=5 36 =:>:E65] qFE <66A 2? 6J6 @? :?4C62D:?8 563E =6G6=D[ =6?8E96?:?8 56AC64:2E:@? D4965F=6D 2?5 @77\32=2?46\D966E 4@>>:E>6?ED]k^Am
kAm%96C6 2C6 @E96C C62D@?D E@ 36=:6G6 E96 64@?@>J H:== 4@?E:?F6 E@ C6>2:? DE625J :? a_ae] (:E9 E96 @?6\E:>6 E2C:77 67764E 725:?8 3J 6?5 @7 E96 7:CDE BF2CE6C[ 4@C6 :?7=2E:@? :D =:<6=J E@ C6DF>6 :ED 5@H?H2C5 EC6?5 2?5 E92E H:== 8:G6 4@G6C E@ E96 u65 7@C 255:E:@?2= C2E6 4FED – 4FCC6?E @55D 72G@C E9C66 ad\32D:D\A@:?E 4FED 3J J62C\6?5 a_ae] u65 r92:C>2? !@H6==’D E6C> 6?5D :? |2J[ 2?5 9:D C6A=246>6?E H:== 2=>@DE 46CE2:?=J =@33J 7@C C65F465 C2E6D] |@C6@G6C E96 r@?8C6DD:@?2= qF586E ~77:46 6DE:>2E6D E96 “~?6 q:8 q62FE:7F= q:== p4E[†AC:>2C:=J G:2 E96 2446=6C2E65 56AC64:2E:@? AC@G:D:@?D[ H:== 3@@DE 8C@DD\5@>6DE:4\AC@5F4E 8C@HE9 3J 2=>@DE 2 7F== A6C46?E286 A@:?E :? a_ae] (6 24<?@H=6586 E96 =23@C >2C<6E 92D 4@@=65 7C@> E96 A@DE\r~'xs 4J4=6 2?5 :D ?@H >@C6 :? =:?6 H:E9 9:DE@C:4 ?@C>D] qFE ?62C\c\A6C46?E H286 8C@HE9 2?5 DF3\d\A6C46?E F?6>A=@J>6?E 2C6 H6== H:E9:? E96 >2C8:? @7 D276EJ 7@C 2 8C@H:?8 64@?@>J :? a_ae]k^Am
kAm':D:E k2 9C67lQ9EEADi^^HHH]4@32?<]4@>^Q E2C86ElQ03=2?<QmHHH]4@32?<]4@>k^2m 7@C >@C6 :?7@C>2E:@?]k^Am
Source: Federal Reserve Economic Data, Federal Reserve Bank of St. Louis
Source: Federal Reserve Economic Data, Federal Reserve Bank of St. Louis
Rob Fox  is the director of CoBank Knowledge Exchange.Â
CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. It’s a member of the Farm Credit System. Visit  for more information.
Be the first to know
Get local news delivered to your inbox!