ICYMI: NMMA FY2023 Highlights In Year In Review

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FEATURED INDUSTRY NEWS ICYMI: NMMA FY2023 Highlights In Year In Review NMMA closed our fiscal year 2023 with a strengthened foundation following the successful execution of our rolling three-year strategic objectives across our advocacy and market expansion priorities, which are key to the growth and success of the North American recreational boating industry. This Year in Review report takes a look back at Association and industry highlights throughout fiscal year 2023, including efforts related to advocacy, Discover Boating, business intelligence, consumer and trade shows, engineering standards, membership trends and more. Read More LEADING ECONOMIC AND POLICY NEWS US Economy Benefited From Businesses Ramping Up Supply, Capacity The Wall Street Journal reports that a likely reason for the US’ economic resilience, from cooling inflation to GDP growth to dodging a recession, is likely a result of businesses ramping up supply and capacity in the wake of post-pandemic increase in demand. Biden Administration Weighs New Tariffs On Chinese Products The New York Times reports while the Biden Administration “has begun pumping more than $2 trillion into U.S. factories and infrastructure, investing huge sums to try to strengthen American industry and fight climate change,” its efforts are “facing a familiar threat: a surge of low-priced products from China.” The Times adds amid “new calls in America and Europe for higher tariffs on Chinese imports, potentially escalating what is already a contentious economic relationship between China and the West,” President Biden and his aides “are considering new protectionist measures to make sure American industry can compete against Beijing.” Federal Reserve Bank Of Chicago Dampens Expectations For 2024 Rate Cuts Pending Data Bloomberg reported Federal Reserve Bank of Chicago President Austan Goolsbee in a Fox News interview on Friday “said financial markets may have gotten ahead of policymakers in assuming an aggressive path of rate cuts this year,” adding, “They were getting the cart before the horse.” Although Fed officials’ December projections “showed there would likely be three cuts this year, Goolsbee argued those are individual forecasts and shouldn’t be taken as a group decision about future policy,” stating that “what’s going to drive the decisions about rates is going to be the actual data.” Nonetheless, Goolsbee “said while the economic data on inflation is mixed, ‘if you take a step back, over the course of the last year we’ve had a very substantial drop in inflation.’” Wholesale Prices Fall In December CNBC reported, “Wholesale prices unexpectedly declined in December, providing a positive signal for inflation, the Labor Department reported Friday.” The agency said that the producer price index declined 0.1% for December and concluded last year 1% than a year ago. CNBC added, “Economists surveyed by Dow Jones had been looking for a monthly gain of 0.1%.” Major Stock Indices Flat After Release Of Report Showing Decline In Wholesale Prices CNBC reported the Dow Jones Industrial Average “slipped Friday as traders parsed through the first batch of fourth-quarter earnings and digested the second in a pair of closely watched inflation reports this week. The Dow dropped 118.04 points, or 0.31%.” Meanwhile, the S&P 500 “ended the day higher by 0.08%, and the Nasdaq Composite inched up by 0.02%.” CNBC reported “investors got some encouraging news on inflation Friday with wholesale prices unexpectedly declining by 0.1% in December.” Previous Top Stories  • Georgia State Legislators Tour Discover Boating Atlanta Boat Show  • Inflation Accelerated In December, Suggesting Fed’s Effort To Cool Inflation Faces “Bumpy” Road

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