The Inflation Warning Coming From America’s Farms
Channel: Bloomberg Television
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Read a transcript preview of “The Inflation Warning Coming From America’s Farms” from Bloomberg Television, uploaded on 2026-10-17.
Transcript preview
Language: English (original, creator captions)
[0:00] Westin: This is a story about the view from the ground,
[0:03] the U.S. economy is often measured in big numbers,
[0:06] but it is lived in communities across the country
[0:09] in factories, on farms
[0:11] and in the small businesses
[0:12] where Americans earn their living.
[0:14] For the Federal Reserve, understanding that economy means
[0:17] getting out of Washington
[0:19] and listening to what people are seeing
[0:21] and experiencing in their own homes and jobs.
[0:24] Chicago Fed President Austan Goolsbee
[0:26] took Bloomberg's Michael McKee to rural Illinois,
[0:29] where farmers say the forces
[0:30] shaping the broader economy
[0:32] are cropping up in their backyard.
[0:39] -In the Federal Reserve's 7th District,
[0:41] harvest is underway for farmer Troy Uphoff.
[0:45] So this is a soybean field.
[0:46] -Yeah, planted probably in mid-April.
[0:49] Harvest is the best time of year
[0:51] because you truly get to see the fruits of the nature.
[0:55] -Harvest is part of a family tradition
[0:57] stretching back nearly two centuries,
[0:59] giving him a long view of the good years,
[1:01] the bad ones
[1:03] and everything in between.
[1:04] -Farmers in general are always optimistic,
[1:07] but have they had a rough two years?
[1:09] Absolutely.
[1:10] -Well, what's happened to the crop prices?
[1:12] -So the crop prices are lower, mainly due to tariffs.
[1:15] Anytime you look at a tariff,
[1:17] a tariff is essentially a tax on a product.
[1:20] And it lowers our price because obviously we have
[1:22] that competition coming in
[1:24] and we have the lack of our demand.
[1:26] Because whenever you put a tariff on one country,
[1:28] they're definitely going to put a tariff on