Robyn Boerstling Joins NMMA To Lead Government Relations

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FEATURED INDUSTRY NEWS Robyn Boerstling Joins NMMA To Lead Government Relations NMMA announced today the hire of Robyn Boerstling as senior vice president of government relations. As chief advocate, Boerstling will oversee the Association’s advocacy efforts at the federal, state, and international levels of government on behalf of the $230 billion U.S. recreational boating industry, reporting to Frank Hugelmeyer, NMMA president. Read More LEADING ECONOMIC AND POLICY NEWS Consumer Long-Term Inflation Expectations Reach 12-Year High Bloomberg reported that “US consumers’ long-term inflation expectations increased to the highest since 2011, while concerns about high borrowing costs and the economy’s prospects mounted in a fresh blow to sentiment in early November.” According to the preliminary November reading from the University of Michigan, “consumers expect prices will climb at an annual rate of 3.2% over the next five to 10 years, up from 3% a month earlier. .. They see costs rising 4.4% over the next year, compared to last month’s 4.2%.” Meanwhile, “the university’s consumer sentiment index slid to a six-month low of 60.4... . While Americans were slightly more upbeat about their finances, measures of buying conditions and the economic outlook deteriorated.”         San Francisco Fed President Says Inflation Is Going Down, But Policymakers Should Remain Wary CNBC reported that on Friday, San Francisco Federal Reserve President Mary Daly said “tighter monetary policy is helping bring down the pace of inflation but not to a level where policymakers should feel too comfortable.” Those comments “come a day after Fed Chair Jerome Powell helped spook financial markets when he said he and his fellow officials are ‘not confident’ that policy has reached a point of being tight enough to get inflation down to their 2% target.”         CNN Analysis: In Concerning Sign For Fed, Americans Losing Faith Inflation Will Return To Normal In an analysis, CNN said a “worrisome sign for the Federal Reserve is starting to emerge.” The Fed “pays close attention to whether Americans still have faith inflation will eventually return to normal. That faith seems to be eroding.” The University of Michigan’s latest consumer survey “showed that Americans’ long-run inflation expectations rose to 3.2% this month, the highest level since 2011. And those perceptions could continue to get worse the longer it takes the Fed get inflation back to its 2% target.” CNN said, “If Americans lose faith that inflation can ever return to normal that would prompt the Fed to tighten monetary policy even more – either by raising interest rates or keeping them elevated for much longer than expected.” Moody’s Changes US Credit Rating Outlook To “Negative” Reuters reported on Friday, Moody’s changed its outlook on the US credit rating to “negative” from “stable,” citing large fiscal deficits and “a decline in debt affordability, drawing immediate criticism” from the Administration. In disagreement with the outlook, Deputy Treasury Secretary Wally Adeyemo “said the Biden administration had demonstrated its commitment to fiscal sustainability, including through over $1 trillion in deficit reduction measures included in a June agreement struck with Congress on raising the U.S. debt limit, and Biden’s proposal to reduce the deficit by nearly $2.5 trillion over the next decade.” Additionally, White House spokesperson Karine Jean-Pierre said the change was “yet another consequence of congressional Republican extremism and dysfunction.”         However, the AP reported Moody’s “retained its top triple-A credit rating on U.S. government debt, though it is the last of the three major credit rating agencies to do so.” The AP added that a reduced outlook “raises the risk that Moody’s could eventually strip its triple-A rating from the U.S. as well.” Additionally, the AP reported that a lower rating on US debt “could cost taxpayers if it leads borrowers to demand higher interest rates on Treasury bills and notes.” The yield on the 10-year Treasury has “risen significantly since July, from about 3.9% to 4.6% Friday, an unusually sharp rise.” The Washington Post reported Moody’s remains the “last of the big three ratings firms to maintain the United States at the top mark.” The Post says that Fitch “downgraded the United States’ long-term credit rating in August, following Standard & Poor’s, which did so in 2011 after a debt ceiling standoff in Congress.”         The New York Times reported that the announcement was made hours after Treasury Secretary Yellen “concluded meetings with her Chinese counterpart, Vice Premier He Lifeng, in San Francisco.” After the meetings, Yellen “said she had explained the Biden administration’s deficit-reduction efforts to the officials from China, which is one of the biggest U.S. creditors.” Stocks End Up To Mark Second Week Of Gains CNBC reports that the Dow Jones Industrial Average “advanced 391.16 points, or 1.15% to close at 34,283.10.” The S&P 500 “climbed 1.56% to finish the session at 4,415.24.” The Nasdaq Composite “added 2.05% to 13,798.11, notching its best day since May.” Friday’s surge “was also enough to lift the three major averages for a second consecutive week of gains.” The Wall Street Journal provides similar coverage. 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