NMMA Canada Highlights Key Policy Priorities

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FEATURED INDUSTRY NEWS NMMA Canada Highlights Key Policy Priorities Hear from NMMA Canada in the new Marine Minute video below highlighting key policy priorities for the recreational boating industry. Learn more about insights from our latest listening tours with members and association initiatives on the horizon. Read More LEADING ECONOMIC AND POLICY NEWS Core Inflation Falls To 2.9% In December, Marking Sharper Than Expected Decline CNBC reported the Commerce Department on Friday released its December consumption expenditures price index, which “showed that the rate of price increases cooled as 2023 came to a close,” with inflation rising 0.2% for the month and 2.9% for the year, “excluding food and energy.” Analysts “had been looking for respective increases of 0.2% and 3%,” and “including volatile food and energy costs, headline inflation also rose 0.2% for the month and held steady at 2.6% annually.” CNBC says the index “adds to evidence that inflation, while still elevated, is continuing to make progress lower, possibly giving the Fed a green light to start cutting interest rates later this year.” Federal Reserve Policymakers May Be “On The Verge” Of Cutting Rates Bloomberg reported Federal Reserve policymakers “may finally be right on the verge of cutting interest rates. Going into this week’s two-day policy meeting, which wraps Wednesday afternoon in Washington, investors are assigning roughly even odds to the prospect that the US central bank will start lowering borrowing costs at its next decision in March.” Bloomberg reported, “It all comes down to how” Federal Reserve Chairman Jerome Powell “and his colleagues have been reading the recent spate of economic data. On one hand, inflation numbers continue to surprise to the downside. The Fed’s preferred gauge decelerated to 2.9% in December, crossing below 3% for the first time since early 2021.” However, on the other, “consumer spending continues to be surprisingly robust. It’s undoubtedly getting a boost from the downdraft in inflation, but the strength still may keep some worried that price pressures could mount once again.” US Economy Outperforming Major Competitors The Washington Post reported the US economy continues to outperform major trading partners – from Germany to China to Japan – despite fears about a recession and continued battles to keep inflation low. However, “after posting faster annual growth last year than in 2022,” the US economy “is quashing fears of a new recession while offering lessons for future crisis-fighting.” The President on Friday “hailed fresh government data showing that annual inflation over the second half of 2023 fell back to the Federal Reserve’s 2 percent target” after a Thursday announcement that the American economy “grew by 3.1 percent over the past 12 months.” These indicators, such as the Commerce Department report, has showed that the US “appears to have achieved” the much-desired “economic soft landing.” S&P 500, Nasdaq Both Gained About 1% This Week CNBC reported that the S&P 500 “closed slightly lower Friday, but clinched weekly gains as the latest economic data added to a positive picture of the economy. The broad market index inched down by 0.07% to 4,890.97.” The Nasdaq Composite “slipped 0.36% to 15,455.36, hurt by a post-earnings slide in Intel.” The Dow Jones Industrial Average “bucked the trend by adding 60.30 points, or 0.16%, to 38,109.43, an all-time closing high.” CNBC noted that “all three major averages are now up more than 100% from their pandemic lows.” For the week, the S&P 500 “advanced around 1.1%, while the...Nasdaq Composite climbed about 0.9%.” Previous Top Stories  • NMMA Canada Inducts Kerrwil Publication’s Andy Adams Into Hall Of Fame  • Fourth Quarter GDP Growth Of 3.3% Beat Expectations As Inflation Continued To Slow

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