NMMA Canada Hosts Successful Industry Breakfast

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FEATURED INDUSTRY NEWS NMMA Canada Hosts Successful Industry Breakfast Last week, on the sidelines of the Toronto International Boat Show (TIBS), NMMA Canada was pleased to gather industry leaders, experts and association members to share key insights and strategies to help shape the future of recreational boating in Canada. The sold-out event was a tremendous success, fostering discussions that will undoubtedly impact the recreational boating industry in the months and years to come. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Officials May Begin Signaling Future Rate Cut Plans On Wednesday The Wall Street Journal reports Federal Reserve officials are expected to hold interest rates steady at a 23-week high when they meet on Wednesday. As a result, the focus of their meeting will be on what they say in official policy statements and at news conferences about when rates may begin to fall. The Fed’s policy statement following its upcoming meeting is expected to lose its so-called “tightening bias,” which indicated that a rate increase was more likely than a cut. Attention will also be paid to how forcefully Fed Chair Jerome Powell pushes back against expectations that the central bank will begin cutting rates at its next meeting, which is set for March 19-20.         Also reporting are the Washington Post, Bloomberg, and the New York Times. Conference Board’s Consumer Confidence Rose For Third Straight Month In January The AP reports the Conference Board released its latest reading for the consumer confidence index on Tuesday, The index rose in January for the third consecutive month, reaching a January reading of 114.8 from a December final reading of 108. The index, “which measures both Americans’ assessment of current economic conditions and their outlook for the next six months, is at its highest level since December of 2021.” The index measuring US consumers’ short-term expectations for income, business, and jobs rose to 83.8 this month from 81.9 in December. Consumers’ outlook on current conditions also rose to 161.3 from 147.2 in December. Labor Market Shows Conflicting Signs As Layoffs, Job Openings Increase The Wall Street Journal reports a growing number of US workers stayed at their jobs in 2023, a sign that expectations in the labor market is falling as the US economy is expected to slow down growth in 2024.         However, the AP reports US employers “posted 9 million job openings in December, an increase from November and another sign that the U.S. job market remains resilient despite the headwind of higher interest rates.” The number of openings was up from 8.9 million in November, “which itself was revised up in Tuesday’s report from the government.” Job openings “have gradually but steadily declined since peaking at a record 12 million in March 2022,” but “remain at historically high levels” as before 2021, “monthly openings had never topped 8 million.” Yet, complicating the economic message is the fact that layoffs in the US rose in December. DJIA Hits Another Record High; Nasdaq Falls 0.76% CNBC reports that the S&P 500 “ended Tuesday near the flatline as Wall Street waits for the latest Federal Reserve decision on interest rates. The benchmark slipped 0.06% to close at 4,924.97.” The Dow Jones Industrial Average “added 133.86 points, or 0.35% to end at 38,467.31, marking its seventh record close this year,” and the Nasdaq Composite “pulled back 0.76% to finish at 15,509.90.” Previous Top Stories  • NMMA Joins NMTA, RBAW, And OYC For Advocacy Day In Washington State  • Federal Reserve Likely To Face Calls For Rate-Cutting During Annual Meeting

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