Posted 3/22/2024, 2:17:00 PM
Rising Rates and Prices Put Squeeze on American Farms, Factories and Food Banks
- Fed raised rates rapidly starting in March 2022 to fight high inflation, bringing benchmark rate to 5.25%-5.5%
- Higher rates and commodity price instability puts "stranglehold" on farmers and rural America
- Small manufacturers facing squeezed profits from higher borrowing costs amid slowing demand
- Orlando food bank distributes 300,000 meals daily, similar to pandemic peak, due to rising costs
- Job market cooling compared to "frenzied" 2021-22 period, especially in high-paid sectors like tech
