Federal Reserve

The U.S. economy grew faster than expected in the July-September quarter, underscoring that the United States is not in a recession despite distressingly high inflation and interest rate hikes by the Federal Reserve.

It did not specify any amounts or timing for its bond purchases.

Among the actions it is taking is the activation of a Main Street Lending Program.

A large deficit will make it harder for Congress to cut taxes or boost spending when the next recession hits, Powell said.

He says the outlook for the U.S. economy remains favorable but that it continues to face risks.

The quarter-point hike, to a range of 2.25 percent to 2.5 percent, lifts the Fed's benchmark rate to its highest point since 2008.

The Fed chairman said the central bank is monitoring potential vulnerabilities in the banking system to ensure its continued stability.

The bankers say farmers are borrowing more money because their costs are increasing at the same time that they are bringing in less income.