Source: Farm Credit Administration McLEAN, Va. -- At its monthly meeting today, the Farm Credit Administration (FCA) board received a quarterly report (PDF) on economic conditions affecting agriculture and an update on the financial condition and performance of the Farm Credit System (System) as of Dec. 31, 2025. Economic conditions affecting agriculture Macroeconomic indicators show challenges ahead for the U.S. economy. Inflation has been relatively stable during the last year, but recent volatility in energy markets is expected to put upward pressure on general price levels. Job growth has been mixed in 2026, and the share of Americans working or looking for work continues to slip. Although economic growth slowed in the fourth quarter of 2025, large gains in the third quarter resulted in real GDP growth of 2.1% for the year. Farm income in 2026 is expected to increase slightly. A large increase in direct government payments will offset a decline in cash receipts. Crop ...