DiscoverBoating.com's November Content Engages New, Experienced Boaters

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FEATURED INDUSTRY NEWS DiscoverBoating.com’s November Content Engages New, Experienced Boaters Discover Boating continues to be a year-round, go-to resource for all things boating with helpful content that engages new and experienced boaters alike. In November, DiscoverBoating.com content focused on relevant tips during the holiday season and timely information about upcoming boat shows. Read More MRAA Dealer Week Conference & Expo Exceeds Attendance Records More than 1,500 marine industry professionals attended the Marine Retailers Association of the Americas (MRAA) 2023 Dealer Week Conference and Expo, held Dec. 4-7 in Tampa, Fla., establishing records for total registration, dealership attendance, number of exhibitors and expo hall floor space coverage. Dealership attendance set a new high-water mark at 721 dealership personnel, while total attendance improved by 15 percent, surpassing 1,500 total attendees for the first time in the event’s history. Read More LEADING ECONOMIC AND POLICY NEWS Overall Inflation Growth Slowed Last Month, But Core CPI Still Up 4% Year-Over-Year The AP reports inflation “ticked down again last month, with cheaper gas helping further lighten the weight of price increases in the United States.” According to Labor Department data released Tuesday, its Consumer Price Index was up 3.1% last month over November 2022, while it rose “just” 0.1% from October. However, the core CPI, which excludes volatile food and energy prices, was up 4% year-over-year and rose 0.3% from October to November, “slightly faster than the 0.2% increase the previous month.” CNBC reports the overall CPI’s annual gain was down from 3.2% in October, while the core CPI was unchanged. The Wall Street Journal says that inflation “has stabilized late this year at well below last year’s high but still above prepandemic levels.”         The New York Times reports while the data “largely suggested that inflation remains lower than earlier this year...some of the report’s underlying details could keep Fed officials wary as they contemplate what to do next with interest rates.” Reuters reports the Fed “is expected to leave rates unchanged on Wednesday, with economists confident that its policy tightening campaign is over. The central bank has raised its policy rate by 525 basis points to the current 5.25%-5.50% range since March 2022.” However, Bloomberg says that inflation in November was “stubborn enough to thwart any Federal Reserve interest-rate cuts soon.”         Bloomberg reports that Treasury Secretary Yellen “said Tuesday she doesn’t believe the ‘last mile’ in returning inflation to the Federal Reserve’s 2% goal will be especially difficult. Inflation is ‘certainly meaningfully coming down,’ Yellen said Tuesday at a Wall Street Journal CEO Council Summit in Washington, DC. She added that she saw no reason ‘why inflation shouldn’t gradually decline to levels that are consistent with the Fed’s mandate and targets.’”         More broadly, the Wall Street Journal reports Yellen said the economy is on the path to seeing inflation tamed without a sharp economic slowdown, “achieving a so-called soft landing.” Yellen said, “To me a soft landing is the economy continues to grow, the labor market remains strong and inflation comes down. And I believe that’s the path we’re on.” Reuters reports Yellen said the economy continues to operate at “roughly full employment.” The Hill reports the economy “is in a much better place than it was a year and a half ago, economists told The Hill, with inflation falling, strong economic growth and low unemployment.”         In an editorial, the Wall Street Journal says the expectation is that the Fed will hold firm on its interest-rate targets on Wednesday, which the recent data suggests is the “right stance.” However, the Journal says that there is “still work to be done” in taming inflation.         The Washington Post and Politico also reports. Bipartisan House Report Recommends Imposing More Tariffs On Chinese Exports The New York Times reports that on Tuesday, bipartisan lawmakers “called for severing more of America’s economic and financial ties with China, including revoking the low tariff rates that the United States granted Beijing after it joined the World Trade Organization more than two decades ago.” The House Select Committee on the Chinese Communist Party “released a wide-ranging set of recommendations” in a report that was “signed by both House Democrats and Republicans,” and which “argued that China had carried out a ‘multidecade campaign of economic aggression.’”         Reuters reports the report’s proposals include a ban on the social media platform TikTok, import duties on legacy Chinese semiconductors, requirements for the Federal Reserve to stress-test US banks’ ability to withstand a potential loss of market access to China, and restrictions on federal agencies from buying Chinese-made drones.         The Washington Post reports the report “also lays out a strategy for cushioning the blow to U.S. companies and banks from the potential shock waves of a partial decoupling and – in more serious scenarios – protect banks and enact sweeping economic penalties against Beijing in the event of conflict.” The Post adds, “That bipartisan consensus that the economic relationship needs a major overhaul comes despite a relative recent thawing of relations between Washington and Beijing, following a meeting between President Biden and Chinese President Xi Jinping.” Lawmakers Struggle To Reach Government Funding Deal Before Leaving Town For The Year The Hill reports Congress is “struggling” to reach a deal on government funding “with just days until lawmakers are set to leave town for the rest of the year, as both chambers appear to have given up on passing their own spending bills.” Lawmakers had hoped leadership “would strike a deal last week on an overall top-line level for government funding in fiscal 2024 as part of the annual appropriations process. But as negotiations continue, lawmakers say leadership is cutting it close. Congress is staring down a shutdown deadline next month, with little legislative time on the calendar.” At a press conference Tuesday, House Speaker Johnson said lawmakers are “all hands on deck on the appropriations bills,” noting the looming shutdown deadlines. Johnson continued, “But what we also agreed to was what’s written in the law, and that’s the [Fiscal Responsibility Act] numbers on top lines.” Amazon Using AI To Help Stop Sale Of Counterfeit Products CBS News reports as holiday shopping “intensifies, consumers are being warned to stay vigilant against the rising menace of counterfeit products,” and as “these imitations are becoming increasingly difficult to identify – and potentially dangerous,” Amazon “has been using artificial intelligence and machine learning to root out sellers trying to peddle counterfeits on its platform.” CBS News explains Amazon three years ago “created an in-house counterfeit crime unit made up of former federal prosecutors, law enforcement and data scientists based around the world to go after counterfeit sellers,” and “says it’s closely tracking suspicious behavior online to protect customers.” Kebharu Smith, director of Amazon’s counterfeit crimes unit, “says Amazon is using AI tools to scan over 8 billion listings from sellers each day.” Major Stock Indices Continue To Climb; S&P 500 Highest Its Been Since January 2022 CNBC reports, “Stocks climbed for a fourth session on Tuesday as Wall Street parsed through another round of inflation data in search for clues on when the Federal Reserve could start easing monetary policy.” The S&P 500 “added 0.46% to close at 4,643.70,” while the Dow Jones Industrial Average “gained 173.01 points, or 0.48%, to 36,577.94,” and the Nasdaq Composite “advanced 0.70% to 14,533.40.” CNBC notes that “all three major indexes touched new intraday 52-week highs on Tuesday, with the S&P 500 hitting its highest intraday level since January 2022. The tech-heavy Nasdaq and Dow touched their highest intraday levels since April and January of last year, respectively.” Previous Top Stories  • NMMA Participates In Arkansas Outdoor Economy Summit  • Federal Reserve Set To Leave Rates Unchanged

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