In remarks Friday,
Federal Reserve Chairman Ben Bernanke said he will consider further
interest rate cuts to counter any adverse dynamics that might threaten
U.S. economic or financial stability.
The Fed is scheduled to meet
on January 29-30, and economists believe a decision to lower interest
rates is inevitable. The Fed lowered its key rate three times last
year. A housing slump, weaker home values, harder-to-get credit and
high energy prices all "seem likely to weigh on consumer spending as we
move into 2008," Bernanke said.
NCBA says this trend could
spell trouble for beef sales in the future. "Currently we are seeing a
record amount of pork production," says NCBA Chief Economist Gregg Doud.
"More affordable competing proteins in the meat case, combined with
concerns about the U.S. economy, could have an effect on beef demand in
the coming months."
