In a broad overview of the economy, Dan Kowalski, Vice President of CoBank Knowledge Exchange reviewed prospects for the U.S. economy in 2023:

• CoBank predicts a mild recession in 2023 as a result of increased interest rates imposed by the US. Federal Reserve in their efforts to limit inflation.

• CoBank expects that inflation will decline by the fourth quarter of 2023 to more acceptable levels ranging from 3.5 percent to 4.5 percent.

• All segments of livestock production will experience the effects of a contraction in the economy in 2023.

• Expansion in all areas of meat production will be constrained with a plateau in consumption based on the spending power of consumers.

• The broiler segment will implement only moderate expansion in 2023 with a rise in prices from current levels but lower than the first half of 2022.

Divisions in Congress with Democrats holding the Senate and Republicans as the House majority will inhibit passage of legislation placing the 2023 Farm Bill in jeopardy. A balanced Bill will depend on expression of a bipartisan spirit. Currently the two parties are deeply divided on policy relating to social programs, climate remediation and immigration reform.