Georgia State Legislators Tour Discover Boating Atlanta Boat Show

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FEATURED INDUSTRY NEWS Georgia State Legislators Tour Discover Boating Atlanta Boat Show In partnership with the Georgia state legislature, NMMA hosted a bicameral committee meeting focused on the economic impacts of boating in Georgia with 25 members of the Georgia General Assembly in attendance. The meeting featured speakers from Chaparral and Robalo boats, Yamaha Marine Group, and Anchors Marina. Read More LEADING ECONOMIC AND POLICY NEWS Inflation Accelerated In December, Suggesting Fed’s Effort To Cool Inflation Faces “Bumpy” Road Bloomberg reports inflation “accelerated at the end of 2023, fueled by stubborn services costs while a protracted decline in goods prices petered out.” Bloomberg adds, “The figures show the Federal Reserve is facing a bumpy path to tame inflation, which risks staying elevated in coming months should prices of goods, such as clothing and cars, continue to climb.”         The Wall Street Journal reports that according to the Department of Labor, its Consumer Price Index was up 3.4% from a year earlier in December, an increase from the 3.1% annual gain notched in November. CNBC reports that the core CPI, which excludes volatile food and energy prices, was up 3.9% year over year, the lowest reading since May 2021. On a monthly basis, the CPI was up 0.3% over November, as was the core CPI. In a separate report, the Labor Department said that inflation-adjusted wages were up a “modest” 0.8% for all of 2023.         The AP says that the new numbers are “a sign that the Federal Reserve’s drive to slow inflation to its 2% target will likely remain a bumpy one.” The New York Times says that “some of the underlying details could keep Fed officials wary as they look ahead to 2024. A slowdown in rent for new leases is trickling through the broader housing market only gradually. And while some goods and service costs are cooling notably, price tags on products like vehicle insurance continue to increase fairly steeply.”         Bloomberg reports Cleveland Fed President Loretta Mester “said it was premature to consider cutting interest rates as soon as the US central bank’s March meeting, emphasizing that fresh inflation data suggests policymakers have more work to do.” In an interview with Bloomberg TV, Mester said, “I think March is probably too early in my estimate for a rate decline because I think we need to see some more evidence,” adding, “I think the December CPI report just shows there’s more work to do, and that work is going to take restrictive monetary policy.”         Reuters also reports. Conservatives Continue To Pressure Johnson To Back Out Of Spending Deal The New York Times says House Speaker Johnson “came under mounting pressure on Thursday from House G.O.P. hard-liners to renege on the spending deal he struck with Democrats over the weekend for avoiding a government shutdown, as ultraconservatives demanded he put forward a new plan with deeper cuts. After meeting privately in his office in the Capitol with Republicans irate about the spending agreement, Mr. Johnson said he was discussing their demand to walk away from the bipartisan agreement but had ‘made no commitments’ to do so.” The Hill reports that after the meeting, Johnson said, “We’re having thoughtful conversations about funding options and priorities. We had a cross section of members in today. We’ll continue having cross sections and members in and while those conversations are going on, I made no commitments.” The Wall Street Journal reports that the conservatives “said the speaker was receptive but hadn’t made any commitments.”         Politico says the conservatives’ tactics “severely frustrated Republican centrists and appropriators, who are calling on Johnson to stick to the bipartisan deal and punish conservatives for holding the House floor hostage.” CNN reports that the “push by hardliners to get rid of the spending deal has drawn the ire of other Republicans.” Rep. Garret Graves (R-LA), “a staunch McCarthy ally, called the effort from his hardline colleagues to try to renegotiate the topline spending number ‘uninformed and idiotic.’” Rep. Patrick McHenry (R-NC) “warned the speaker against going back on his word,” saying, “The speaker either gave his word and made an agreement or he didn’t. So he’s got to decide whether or not he gave his word. And if he gave his word he’s got to fulfill his word.”         USA Today says that the “path forward for lawmakers to keep the government funded is murky. Democrats control the Senate and the White House, and it’s not clear what Republicans could leverage to win the policy priorities and spending cuts they hope to deliver.”         Meanwhile, The Hill reports Senate Republicans “were caught off guard” by the talks between Johnson and those opposed to the spending plan, and reacted with a “mixture of surprise and groans.” Sen. Mitt Romney (R-UT) said, “That’s not gonna work,” while Sen. Lisa Murkowski (R-AL) said “with apparent sarcasm,” “Good Luck.” Senate Minority Whip Thune said, “They’ve got to figure it out. It sounds like they had an agreement, so I don’t know how they figure out a way to revise it, but that’s their call.” Stocks Indices Flat After Release Of New Inflation Data CNBC reports, “Stocks ended Thursday near the flat line after a fresh round of inflation data reflected an uptick in consumer prices for December.” The Nasdaq Composite “closed at the flat line, settling at 14,970.19.” The Dow Jones Industrial Average “eked out a gain of 15.29 points, or 0.04%, to close at 37,711.02,” and the S&P 500 “edged lower by 0.07% to end at 4,780.24.” Previous Top Stories  • Innovation Takes Center Stage As U.S. Boat Sales Cool Following COVID-Era Demand Surge  • Administration Rule Targeting Companies Using Independent Contractors Likely To Face Legal Challenges

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