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FEATURED INDUSTRY NEWSNMMA Participates In Arkansas Outdoor Economy SummitLast week, NMMA participated in the Arkansas Outdoor Economy Summit to discuss the state’s investment in and growth of outdoor recreation. NMMA also joined a panel discussion to highlight manufacturing in Arkansas and recreational boating’s economic impact throughout the state. Read More LEADING ECONOMIC AND POLICY NEWSFederal Reserve Set To Leave Rates UnchangedThe AP reports, “With inflation edging closer to the Federal Reserve’s 2% target, its policymakers are facing – and in some cases fueling – hopes that they will make a decisive shift in policy and cut interest rates next year, possibly as soon as spring.” The AP says, “Such a move would reduce borrowing costs across the economy, making mortgages, auto loans and business borrowing less expensive.” However, Fed Chair Jerome Powell, has “recently downplayed the idea that rate reductions are nearing. With the central bank poised to keep its key short-term rate unchanged when it meets this week, Powell hasn’t yet signaled that the Fed is conclusively done with its hikes.” The Wall Street Journal reports Goldman Sachs economists have forecast that the Federal Reserve’s first interest rate cuts will likely come in the third quarter of 2024. However, market expectations as measured by fed-fund futures price for an initial cut to be made in May. Goldman’s economists say that improving inflation data could allow for monetary easing to begin sooner than expected, though labor costs are likely to remain a stumbling block. Also covering the topic are MarketWatch and Bloomberg Opinion. Consumers’ Near-Term Inflation Expectations Fall To Lowest Level Since April 2021Bloomberg reports that according to a Federal Reserve Bank of New York survey released Monday, “consumers’ near-term inflation expectations dropped in November to the lowest level since April 2021. ... Median year-ahead inflation expectations declined for a second month to 3.4%, down from 3.6% in October. Expectations for what inflation will be at the three-year and five-year horizon held steady at 3% and 2.7%, respectively.” Bloomberg says the decline “reflected a number of factors. The expected price changes for gasoline slipped, and those for both rent and a college education fell to the lowest since January 2021. Inflation views among those over age 60 retreated to a nearly three-year low.” Major Stock Indices Close Higher Again Ahead Of Fed MeetingCNBC reports that the S&P 500 “climbed on Monday as investors tried to continue Wall Street’s year-end momentum. The broad market index gained 0.39% to close at 4,622.44, while the Nasdaq Composite added 0.20% to 14,432.49.” The Dow Jones Industrial Average “advanced 157.06 points, or 0.43%, to finish the session at 36,404.93.” CNBC notes that the S&P 500 and Nasdaq are “coming off their sixth straight weekly gain.” Previous Top Stories | |||||||||||
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If you are unable to see the message or images below, click here to view Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole May 10, 2024 FEATURED INDUSTRY NEWS Congresswoman Mary Peltola (D-AK) Named Legislator of the Year by National Marine Manufacturers Congresswoman Mary Peltola (D-AK) has been awarded the Legislator of the Year Award by the National Marine Manufacturers Association (NMMA) for her support of the recreational boating and fishing industry. The award recognizes Congresswoman Peltola’s leadership in advocating for policies that support the boating industry, protect marine ecosystems, and advance conservation efforts for all who rely on the oceans. Specifically, the Congresswoman has proactively worked to support the recreational boating and fishing industry thro...
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