Play Turner’s Take Ag Marketing Podcast Episode 269

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This week we go over the latest Fed meeting and why we still have a bullish outlook on the macro markets. We take a look into the recent energy sell off, the rally in livestock, and why the grain markets are grinding lower this month.  Make sure you take a listen to the latest Turner’s Take podcast!

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Fed Meeting Recap

The Federal Reserve met this week and announced no changes to interest rates. This was expected and no surprise to the market.  I think the more important news was the Fed’s outlook on GDP, unemployment, and inflation.

* 2021 GDP expected GDP growth now 6.5% compared to 4.2% in the Dec meeting

* 2021 Unemployment expected 4.5% compared to 5.0 in Dec meeting

* 2021 Inflation expected to rise to 2.4%, up from 1.8% in the last meeting

These are bullish sentiments for the US economy and the commodity markets.

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Energy Markets

Crude Oil broke hard today. Inventories climbed higher yesterday and the market was overbought.  A lot of the rally since the election has been due to US supply policy, OPEC not increasing production, and the expected energy growth this spring and summer.  Before Crude can make the next leg higher we will need to see real demand growth.  For now I think we trade between the mid $50s and mid $60s.

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