Discover Boating's 2024 Boat Show Promotional Toolkit Now Available

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Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole November 15, 2023

FEATURED INDUSTRY NEWS Discover Boating’s 2024 Boat Show Promotional Toolkit Now Available As Discover Boating prepares to welcome thousands of consumers across the country to its 10 Discover Boating boat and sport shows in 2024, show marketing is in full swing. To help the industry maximize its investment at boat shows, the enhanced Discover Boating Boat & Sport Show Promotional Toolkit is now available. Read More ICOMIA, NMMA To Announce New Global Sustainability Research Findings Today At METSTRADE The NMMA will join the International Council of Marine Industry Associations (ICOMIA) this week at METSTRADE in multiple presentations to introduce the global recreational marine industry to new first-of-its-kind research outlining a portfolio of technologies best positioned to continue to propel the industry toward decarbonization. The report, will provide guidance to global governments and boating stakeholders as they work together to shape investments in technology and policy. Read More LEADING ECONOMIC AND POLICY NEWS New Data Showed Inflation Slowed In October, Suggesting Fed May Not Need To Further Raise Rates Bloomberg reports that inflation “broadly slowed in October, which markets cheered as a strong indication that the Federal Reserve is done hiking interest rates.” According to data released Tuesday by the Bureau of Labor Statistics, the Consumer Price Index was unchanged in last month over September, and up 3.2% over October 22. The core CPI, which excludes volatile food and energy prices, was up 0.2% over September and 4.0% on a year-over-year basis. CNN reports the 3.2% annual rise in the overall CPI was down from 3.7% in September. The AP reports, “Gas prices fell 5% from September to October and are down 5.3% from a year earlier. They have continued to fall into November, suggesting that cheaper energy could hold down inflation this month as well. Prices at the pump averaged $3.35 Tuesday, down 42 cents from a year earlier.”         The New York Times says that overall, “the data provided clear signs that inflation is headed in the right direction.” CNBC says that the new numbers are “providing a hopeful sign that stubbornly high prices are easing their grip on the U.S. economy and giving a potential green light to the Federal Reserve to stop raising interest rates.” Still, the Washington Post says the report “doesn’t seal the deal; over the past two years, glowing inflation data has sometimes been quickly followed by a spike in consumer prices. But a fresh snapshot from the Bureau of Labor Statistics on Tuesday showed telltale signs of progress — and a kind of assurance that has been hard to come by since the pandemic.”         The Wall Street Journal reports stocks and Treasury bonds “soared as investors concluded the Fed was done raising rates and shifted attention to when officials might begin cutting rates.” Reuters says that combined “with data this month showing job and wage growth cooling in October, the data reinforced expectations the economy could avoid a dreaded recession.”         The Hill says that slowing inflation is a “crucial boost to President Biden and Democrats, who are facing deep voter resentment after more than two years of high inflation.”         However, Bloomberg reports JPMorgan Chase CEO Jamie Dimon “said that people are over-reacting to short-term numbers ‘and they should stop doing that.’ ‘I’m afraid inflation might not go away that quickly,’ Dimon said Tuesday in an interview on El Financiero Bloomberg TV. The Federal Reserve is right to pause hikes for now but ‘they might have to do a little bit more.’” House Speaker Relies On Democratic Votes To Pass Bill To Avert Government Shutdown The AP reports the House on Tuesday “voted overwhelmingly” to prevent a government shutdown after House Speaker Johnson “was forced to reach across the aisle to Democrats when hard-right conservatives revolted against his plan.” Johnson’s continuing resolution “passed on a bipartisan 336-95 tally, but 93 Republicans voted against it. It was the first time the new speaker had to force vital legislation through the House, and he showed a willingness to leave his right-flank Republicans behind and work with Democrats – the same political move that cost the last House speaker, Kevin McCarthy, his job just weeks ago.”         The Hill says the “bifurcated bill would extend funding at current levels for some agencies and programs until Jan. 19 and all others through Feb. 2. It would also extend the authorization of programs and authorities in the farm bill until Sept. 30.” The legislation “will extend funding at current levels until Jan. 19 for programs and agencies under four appropriations bills: Military Construction and Veterans Affairs; Agriculture, Rural Development and Food and Drug Administration; Energy and Water Development; and Transportation, Housing and Urban Development. Funding for the remaining eight would be extended at current levels through Feb. 2.” Johnson’s proposal “did not include any conservative policy riders or spending cuts, which hard-liners have pushed for throughout the appropriations process this year.”         CNN reports that the Senate “will next need to approve the measure.” Bloomberg reports Senate Majority Leader Schumer said he and Senate Minority Leader McConnell “will figure out the best way to get this done quickly” in the Senate, “where leaders need the cooperation of all senators to overcome procedural hurdles and meet a late Friday evening deadline to avoid a lapse in federal funding.” The Wall Street Journal reports President Biden has not said what he would do if the bill makes it to his desk. Biden said Monday, “I’m not going to make a judgment on what I’d veto or what I’d sign. ... Let’s wait and see what they come up with.”         The New York Times says the final vote tally in the House “vividly reflected a dynamic that dogged both Mr. Johnson and his predecessor, Speaker Kevin McCarthy: The House G.O.P. lacks the political will to keep the government funded, forcing its leaders, operating with only a tiny majority, to rely on Democratic votes to do so or face the political backlash for a shutdown.” The Times says “some of the same hard-line conservatives who moved to oust Mr. McCarthy vented their anger at Mr. Johnson.” The House Freedom Caucus “announced ahead of the vote that it would oppose the measure.”         Reuters reports “hardline conservatives said they were not turning against Johnson.” But Politico says “some conservatives are privately entertaining other ways to retaliate. One tactic under discussion is the same one they used against McCarthy after he struck a debt deal they hated: holding the House floor hostage by tanking procedural votes.”         A Wall Street Journal editorial says the measure passed by the House represents the sort of political compromise necessitated by a narrow House majority and Democratic control of the Senate and White House. But the lack of rebellion from conservatives despite the fact that the stopgap bill “varies little in substance from the one that cost Mr. McCarthy his job” lays bare the hollow assertions they offered to oust McCarthy.         The Washington Post and the Los Angeles Times also report. Amid High Interest Rates, Small Business Put Off Equipment Purchases, Increase Payment Collection Efforts In what the Wall Street Journal describes as another indication of how higher interest rates are cooling the economy, some small businesses are putting off equipment purchases and expansion plans and others are postponing hiring, reconsidering loan terms or increasing payment collection efforts. S&P 500 Notches Biggest One-Day Gain Since April; Nasdaq Jumps 2.37% CNBC reports, “Stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered new U.S. inflation data that raised hopes of the Federal Reserve wrapping up its rate-hiking campaign.” The Dow Jones Industrial Average “jumped 489.83 points, or 1.43%, to end at 34,827.70,” the S&P 500 “rallied 1.91%, briefly trading above the key 4,500 level, to settle at 4,495.70. It was the best day since April for the broad-market index.” CNBC adds that the Nasdaq Composite “jumped 2.37% to close at 14,094.38.” CNBC notes that “Tuesday’s gains added to an already stellar performance this month for stocks. The S&P 500 and Dow are up 7.2% and 5.4%, respectively, in November. The Nasdaq is up 9.7%, on pace for its biggest monthly gain since January.” The New York Times notes that “the Russell 2000 index of smaller companies’ stocks, which are more exposed to the ups and downs of the economy, climbed roughly 5 percent” on Tuesday. Previous Top Stories  • 2024 Discover Boating Boat & Sport Shows Kick Off In January, Spanning 10 Major Markets Across The Country  • House Speaker’s Plan To Avert Government Shutdown Gains Tentative Support From Some Democrats

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