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FEATURED INDUSTRY NEWS2024 Miami Boat Show A Hub For Industry Innovation & Boat SalesThe Discover Boating® Miami International Boat Show® concluded its five-day run, attracting buyers from around the world to shop the most comprehensive showcase of the newest boats, yachts, tech, gear and marine innovations. And while attendance was expected to dip due to storms on Sunday, which shut down water taxis, numbers are anticipated to near an estimated 100,000. Read More Boating Industry Representatives Appointed To Key Federal Advisory CommitteeEarlier this month, the Secretaries of Department of the Interior and Department of Commerce announced the appointments of Clay Crabtree, NMMA’s director of federal government relations; Jennifer Koenig, Brunswick’s Chief Sustainability Officer; and Joe Lewis, owner of Mount Dora Boating Center and Marina; to the Sport Fishing and Boating Partnership Council (SFBPC) – a key Federal Advisory Committee established by the Sport Fish Restoration and Boating Trust Fund. The SFBPC is a Federal Advisory Committee that advises each Secretary on aquatic resources conservation and restoration endeavors in freshwater, estuarine, and marine environments that benefit recreational fisheries, enhance recreational boating, and encourage partnerships among industry, the public, and government to advance these efforts. Read More LEADING ECONOMIC AND POLICY NEWSInvestors Speculate That The Federal Reserve May Raise, Not Lower RatesBloomberg reports investors are beginning to question whether the Federal Reserve can manage a US economy that refuses to land, “with some even debating whether interest-rate hikes will be needed only weeks after a steady run of reductions appeared all but certain.” Traders who just three weeks ago placed bets on rates being lowered as soon as March have not only reversed those bets, but are also showing less conviction about the possibility of rate cuts in May and June. On Friday, Former US Treasury Secretary Lawrence Summers “voiced what a number of market participants had already been thinking: ‘there’s a meaningful chance’ the next move is up.” Other “Fed watchers are floating a repeat of the late-1990s: only a brief course of rate reductions that sets the stage for increases later.” Also reporting is MarketWatch. Reuters Poll Suggests Fed Will Cut US Rates In June Reuters reports, “The U.S. Federal Reserve will cut the federal funds rate in June, according to a slim majority of economists polled by Reuters, who also said the greater risk was the first rate cut would come later than forecast rather than earlier.” Recently, several Fed officials, including Chair Jerome Powell, “said the central bank needed greater confidence in the disinflation trend before cutting rates.” Reuters adds, “Many analysts are coming around to the view the Fed is determined not to repeat its error in 2021 when it and most other central banks judged high inflation to be ‘transitory.’” Federal Reserve’s Soft Landing Approach May Be Aided By Boom In ProductivityBloomberg reports Federal Reserve officials “are intrigued by the idea” floated by some Wall Street economists that the post-COVID productivity boom can sustain strong growth without increasing inflation, though they remain “a little bit skeptical.” Productivity has grown by an average of “3.9% the last three quarters, more than triple the rate seen in the decade prior to the pandemic. When workers are more efficient, firms can generate more money to raise wages without charging higher prices, so monetary policy can be a bit less concerned about inflation.” Opinion: Federal Reserve Has Already Achieved Its “Soft Landing”Alan Blinder writes in the Wall Street Journal that the Federal Reserve is the subject of a great deal of discussion as to whether it can pull off a “soft landing,” of meeting its 2% inflation target without creating a recession. However, he writes that the Fed has already achieved this, since rates have fallen from 7.1% in June 2022 to 2.6% today, while the economy is growing at an impressive rate. 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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