In a series of tweets, the president addressed an unusual controversy stemming from a speech Thursday that New York Fed President John Williams delivered.Marketsread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
Earlier, Williams said in a speech that "it's better to take preventative measures than to wait for disaster to unfold."The Fedread more
The University of Michigan's preliminary print on its consumer sentiment index ticked up to 98.4, from 98.2 in June. Economists polled by Refinitiv expected the preliminary...Economyread more
The mega-cap tech stocks that have led much of the record-long bull run have started to lose steam, but investors are still giving them the benefit of the doubt.Marketsread more
Houston, we have liftoff. Fifty years ago, man landed on the moon and McDonald's and a handful of other stocks took off into the stratosphere. Two of them have more fuel in...Trading Nationread more
Amazon's PillPack was informed this week that it will soon be cut off from patient medication data, according to people familiar with the matter.Technologyread more
An Israeli cybersecurity company has reportedly developed spyware that can scrape data from the servers of Apple, Google, Facebook, Amazon and Microsoft products.Technologyread more
House Speaker Nancy Pelosi is rejecting the White House's most recent debt ceiling proposal, Bloomberg reports.Marketsread more
The country's Revolutionary Guards say they will soon releasePoliticsread more
The U.S. stock market should move higher from near-record current levels, says the co-founder of the world's largest money manager.Marketsread more
to ag economy -Fed banks@ (Adds comments from surveys and bankers, adds economic details)
CHICAGO, May 9 (Reuters) - U.S. farm incomes in the Midwest and Mid-Southern states declined yet again in the first quarter of 2019 amid ongoing strain from low commodity prices, trade uncertainty and severe weather, according to banker surveys released on Thursday by the Federal Reserve Banks of St. Louis and Kansas City.
Most bankers said one of the biggest risks to the farm economy this year remains the ongoing trade fight between the United States and China.
This marks the 21st consecutive quarter for farm incomes dropping in the Eighth Federal Reserve District, which includes all or parts of seven Midwest and Mid-South states: Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee.
"Farmers are running out of capital," one Arkansas banker told the St. Louis Fed, according to the survey. "Commodity prices are too low for input costs and rents (and) land payments."
Bankers surveyed by the Kansas City Fed, meanwhile, said farm incomes fell most sharply in Nebraska and Missouri - both states heavily concentrated in corn and soybean production, and both impacted in areas by heavy spring flooding.
The Tenth District of the Federal Reserve includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico.
"Major flooding and blizzards across some regions in the District late in the first quarter may also put additional financial pressures on some farm borrowers as damages continue to be assessed," said economist Nathan Kauffman, vice president of the Kansas City Fed.
As farm income remained low in both districts, bankers said demand for farm loans stayed strong and the ability of farm borrowers to repay loans weakened at a slightly faster pace than in previous quarters.
The agricultural surveys also revealed that interest rates had increased across loan types - meaning that it is costing farmers more to run their operations, pay for seeds and chemicals to produce their crops, or fix their machinery.
The Kansas City Fed report can be found here: (https://bit.ly/2VfZoHn)
The St. Louis City Fed report can be found here: (https://bit.ly/2JsTTCN) (Reporting by P.J. Huffstutter in Chicago Editing by Chizu Nomiyama and Matthew Lewis)