Purdue economist calling for no recession in 2024

An ag economist says he expects the Federal Reserve to lower interest rates in the coming months and inflation to decline this year.

Officials left rates unchanged during their January meeting.

Purdue University professor emeritus Larry DeBoer tells Brownfield several stable months and a weakening dollar should be good news for agricultural exports.

“That should help,” he says.  “From what I hear though, the outlook for the rest of the world is quite a bit slower than here in the United States. We’ve got one of the best recoveries in the world going right now.”

DeBoer says logistical challenges from the pandemic have straightened out since the middle of last year which has helped inflation decline.

“The supply chain problems that emerged from the pandemic were still around, were still holding prices up, shipping costs, were still high, there were still shortages in commodities,” he says.

He says the possibility of a recession is unlikely given the current environment unless there is some major shock to the economy.

DeBoer discusses more of his outlook for the ag economy in the 2024 Purdue Agricultural Economics Report.

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