Entry Deadline Approaching For 2024 Miami Innovation Awards

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FEATURED INDUSTRY NEWS Entry Deadline Approaching For 2024 Miami Innovation Awards The deadline is approaching to submit products for the 2024 Miami Innovation Awards, the industry’s most prestigious honors recognizing manufacturers and suppliers who bring new, innovative products to market. The Innovation Awards celebrate excellence across twenty-one product categories, and winners will be recognized during the annual Industry Breakfast on Thursday, February 15 at the Discover Boating Miami International Boat Show. Read More Democrats Call On NOAA To Suspend Its Proposed Vessel Speed Restrictions Representatives Mary Peltola (D-AK), Vicente Gonzalez (D-TX), Henry Cuellar (D-TX) and Brendan Boyle (D-PA) recently wrote National Oceanic and Atmospheric Administration’s (NOAA) Fisheries Assistant Administrator Janet Coit, urging the agency to suspend further action on proposed changes to the North Atlantic right whale (NARW) vessel speed rule. “We applaud Rep. Mary Peltola (D-AK), along with Reps. Gonzalez (D-TX), Cuellar (D-TX), and Boyle (D-PA), for urging NOAA to suspend their harmful proposed vessel speed restrictions along the Atlantic Coast,” said Frank Hugelmeyer, President and CEO of the National Marine Manufacturers Association. Read More LEADING ECONOMIC AND POLICY NEWS Exodus Of High-Earning, Well-Educated Workers Impacting California’s Economy The Los Angeles Times reports that according to “new state-to-state migration data,” for the last several years, “thousands more high-earning, well-educated workers have left California than have moved in.” The exodus “has begun to damage California’s overall economy. And, by cutting into tax revenues, has delivered punishing blows to state and local governments.” Recently, state budget analysts “projected a record $68-billion deficit in the next fiscal year thanks to a 25% drop in personal income tax collection in 2023. Some city, county and other local taxing authorities, particularly in the San Francisco Bay Area, have also recorded revenue declines.” Data Show Older US Residents Control Nearly A Third Of Nation’s Wealth Behind a paywall, Bloomberg reports that “Americans age 70 and older have seen their share of collective wealth surge during the [COVID-19] pandemic.” During that time, “baby boomers have accumulated more than $14 trillion in additional net worth since the end 2019, based on Federal Reserve data” and “their share of the country’s wealth has jumped to a record 30% last quarter, even though they account for 11% of the population.” Federal Reserve Presidents Bostic, Barkin Say Rate Cuts Coming If Inflation Continues Its Retreat Reuters reports Atlanta Federal Reserve President Raphael Bostic said Tuesday that there is no current “urgency” for the Federal Reserve to cut interest rates given the strength of the economy and the need to return inflation to the central bank’s 2% target. Inflation “is going to come down relatively slowly in the next six months, which means that there’s not going to be urgency for us to start to pull off of our restrictive stance,” Bostic said while speaking to the Harvard Business School Club of Atlanta. Bostic added that he expects two quarter-point rate cuts to come in the second half of next year while emphasizing that inflation remains too high.         Bloomberg reports Federal Reserve Bank of Richmond President Thomas Barkin also suggested in a broadcast interview with Yahoo! Finance that the Federal Reserve will cut interest rates if progress continues to be made on inflation, though he added that he still looking for certainty that inflation is headed towards the 2% target. “If you’re going to assume that inflation comes down nicely, of course we would respond appropriately,” Barkin said. Reuters Columnist: M&A Activity Will Increase In 2024 After Slow 2023 Reuters Breakingviews columnist Jeffrey Goldfarb writes that 2023 was a slow year for investment bankers, but 2024 should be busier “as a growing list of deals sketched on paper finally get put into action.” The slowdown in M&A activity this year “has darkened the mood of usually chipper financial advisers.” Even announced “mega-mergers” by ExxonMobil and Chevron in the fourth quarter, “worth a combined $113 billion, haven’t boosted spirits much.” Globally, “companies notched $2.6 trillion of deals by the end of November, putting volume on track for the lowest full-year total since 2014 and well below 2021’s $5.7 trillion peak.” Goldfarb says that in 2024, “with the US Federal Reserve ending its cycle of rapidly raising interest rates,” capital will be “easier to come by and its cost easier to assess.” S&P 500, Nasdaq Near Two-Year Highs CNBC reports that the S&P 500 “rose Tuesday, approaching its record high, as the Federal Reserve’s recent dovish shift on rates lifted stocks.” CNBC adds, “The broad market index gained 0.59% to 4,768.37. With Tuesday’s gain, the S&P 500 is about 0.6% from surpassing its record close and 1% from equaling its intraday record, both set in January 2022.” CNBC also reports that the Dow Jones Industrial Average “rose 251.90 points, or 0.68%, to 37,557.92,” and the Nasdaq Composite “advanced 0.66% to 15,003.22,” which “was the first time the tech-heavy index closed above the 15,000 level since January 2022.” Previous Top Stories  • Ensure Your Brand is Listed In Discover Boating’s Boat Finder For 2024 Shows  • Chicago Federal Reserve President Pushes Back On Rate-Cut Expectations

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