Funding & Business
US Cattle Tally Shows No End in Sight for Soaring Beef Prices
The latest US cattle tally offered little relief for consumers paying record beef prices, even as the cycle of herd liquidation seems to be coming to an end.
There were about 94.2 million cattle and calves in the US as of July 1, the lowest mid-year count on record in data going back to 1973, the Department of Agriculture said in a report. The number of animals placed in feedlots for weight gain before being sent to slaughter plunged to the lowest since 2017, the USDA said in a separate note.
A rally in small-cap stocks has petered out on concerns that interest-rate cuts won’t come fast or deep enough for the heavily indebted.
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Chancellor of the Exchequer Rachel Reeves says growth is the solution to Britain’s economic problems, but she has been boxed in by an £8 billion ($11 billion) increase in borrowing costs since her last fiscal statement in March. In her Nov. 26 budget, Reeves plans to introduce growth measures such as transport links and planning reforms, but her options are limited and she may have to rely on spending restraint and tax rises to address the economic problems. Bloomberg’s Kit Rees has more.
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Wall Street strategists see signs that investors are becoming more concerned about Federal Reserve independence as President Donald Trump seeks to impose his will on the central bank and pushes for interest-rate cuts.
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