FOMC Press Conference, September 16, 2026

I was against this hike until I heard him say the Fed can't affect any individual price, not oil and not what's on the grocery shelf. What he's after is the second round, and I can watch that from my counter. Our flour distributor put a fuel surcharge on the invoice in the spring. I passed it on, and now my bakers need a raise just to stay even. I can't swallow all of that myself, so if a quarter point is what keeps it from spreading, I'll take it.

Didn't expect corn and soybeans in a Fed chair's answer about bond yields, but there they are, right next to crack spreads, which is the refiners' cut between crude and the diesel that goes in a tractor. His other two reasons long rates are up are a strong economy and hyperscalers out raising money, so my land note is competing with data centers for dollars. I can't do a thing about any of the three, and my operating line floats, so the quarter point lands on top.