A breakfast read - it is the Fed that is flattening the US curve
Macro Thoughts looked at the rising prices of wholesale food globally during the summer, but highlighted a trend change which would act to hold down prices: ‘Many farmers are moving back to traditional farming, away from producing for biofuels (due to lower oil prices) and away from organic farming (since retailers will only pay the same rate as for non-organic, and consumers are unwilling to pay the higher prices retailers charge)’.
FAO Food Price Index is 2.5% higher yoy, though 27% lower than the all time highs.
It is the Fed that is flattening the US curve, (10 year yields are lower YTD), and this should be a warning that their rate increase policies could have detrimental implications. Macro Thoughts does not expect the curve to invert....
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