In early September, the Federal Reserve cut its federal funds rate by a half-point. This past Thursday, the Fed cut rates another quarter point. Conversely, since bottoming at 3.63% on Sept 16, the 10-year treasury yield has soared to 4.31% (11/8). Similarly, the national average for 30-year mortgages rose from 6.08% on Sept 19 to 6.79% last week.

On this election eve, Americans are anxious. According to an American Psychological Assoc. survey, 77% of adults feel stress over the future of the country; 75% think the election could spur violence; half worry about “the end of democracy.” According to a Sept survey from the Univ of Chicago’s Project on Security and Threats:

In Friday’s monthly cattle report, the USDA said feedlot inventories on Oct 1st were 11.6M head, unchanged from a year ago. New placements onto feedlots in Sept (down 1.9%) declined for the 2nd straight month, offsetting a 5.8% year-over-year increase in July. While supplies are adequate for current needs, the future is questionable.

Last week’s USDA Livestock, Dairy, and Poultry Outlook brought both good and bad news. First the good: USDA estimated that Q3 & Q4 beef production will be higher than previously expected, due to a faster pace of slaughter and higher carcass weights.