能源补贴在农场收入中的作用.pdf

1、FEDERAL RESERVE BANK OF KANSAS CITYUpdate on Agricultural Credit ConditionsNate Kauffman,Federal Reserve Bank of Kansas CityFebruary 27,2025The views expressed here are those of the speaker and do not necessarily reflect the opinions of the Federal Reserve Bank of Kansas City or the Federal Reserve

2、System.FEDERAL RESERVE BANK OF KANSAS CITYFEDERAL RESERVE BANK OF KANSAS CITY OMAHA BRANCHOutlook Themes Agricultural credit conditions deteriorated slightly in 2024 alongside weak crop prices and subdued conditions in the farm economy.Agricultural real estate values were firm through the end of 202

3、4.Signs of growing financial stress emerged in recent months,but recent support from ad hoc government payments could support the farm sector in 2025.FEDERAL RESERVE BANK OF KANSAS CITYFEDERAL RESERVE BANK OF KANSAS CITY OMAHA BRANCHDespite concerns about a post-recovery slowdown in recent years,the

4、 U.S.economy has been resilient.Sources:BEA,Wolters Kluwer,and Haver AnalyticsU.S.Real GDP-3-2-101234567-3-2-1012345672010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Percent change from previous yearForecast as of Aug.2022ActualFEDERAL RESERVE BANK OF KANSAS CITYFEDERAL RES

5、ERVE BANK OF KANSAS CITY OMAHA BRANCHEconomic conditions in U.S.agriculture softened in 2024 from a period of exceptional strength.*Year-to-date estimate.No data available for ag exports.Sources:USDA,Federal Reserve Surveys of Agricultural Credit Conditions and staff calculationsIndicators of the U.

6、S.Ag Economy50751001251501755075100125150175Farm IncomeU.S.Crop PricesAg ExportsFarm Loan RepaymentRates2010-20142015-20192021-202320242025*Index(2000-2019 average=100)Index(2000-2019 average=100)FEDERAL RESERVE BANK OF KANSAS CITYFEDERAL RESERVE BANK OF KANSAS CITY OMAHA BRANCH*Average annual volum