Farmers are signaling inflation pressures, according to Austan Goolsbee, president of the Federal Reserve Bank of Chicago, after a trip to rural Illinois. Farmer Troy Uphoff said diesel costs roughly 80% more than a year ago, seed and fertilizer prices have also risen, and crop prices have fallen mainly due to tariffs, leaving many growers with little profit. Goolsbee said the pressure comes from costs rather than falling demand, calling it a central bank's nightmare because stagflationary shocks offer no obvious playbook. The CPI rose 3.7% over the 12 months to September, up from 3.4% in August, after the Fed raised its benchmark rate to 3.75%–4.00% on Sept. 16. Markets expect the Fed to hold rates at its October meeting but raise them by another quarter point in December.
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Related tickers and likely impact
DXY
▲ Likely positiveRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 101.74 |
| Change that session | +0.11% |
XAU/USD
▼ Likely negativeRelevance: low
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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