Fed officials expressed concern at their meeting last month over the persistence of high inflation, underscoring their intention to continue raising interest rates in large steps despite the pain that could cause. Policymakers revised higher their expectations for rate increases, though some signaled caution about overdoing them amid risks of economic and financial volatility.
Crop exports at Louisiana Gulf Coast terminals were at their lowest level in nine years for the first week of October, a period when export shipments typically accelerate. Low water on southern sections of the Mississippi River closed the major shipping waterway for days, halting the flow of grain barges from Midwest farms to the nation's largest grain shipping port. The ill-timed shipping disruption comes as farmers are busy harvesting corn and soybeans, their top cash crops.
Futures are way up after stocks closed slightly lower yesterday. The Dow Industrials fell 28, the NASDAQ slipped 9 and the S&P 500 was down 11.
