Arizona House Transportation & Infrastructure Committee Passes Boater Education

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FEATURED INDUSTRY NEWS Arizona House Transportation & Infrastructure Committee Passes Boater Education Earlier this month, the Arizona House Transportation & Infrastructure Committee voted to pass H.B. 2149: watercraft operation; minors; safety education, in a 9-2 vote. This marks the first step toward adopting boater education in the Grand Canyon State. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Officials Urge Caution As Some Predict Rate Cuts Later This Year Reuters reports, “U.S. Federal Reserve officials, facing economic conditions they say lack any clear historical parallel to guide them, continued pushing back this week against a near-term start to interest rate cuts, instead building the case for caution before making a move they are struggling to justify.” Further, “coming also on the heels of recent higher-than-expected inflation readings, policymakers put an open-ended formulation around the timing of their first rate cut, with Vice Chair Philip Jefferson saying it was likely but ‘later this year.’” Fed governors Lisa Cook and Christopher Waller have also “reiterated the now-familiar refrain of needing greater confidence that inflation is on track to return to the Fed’s 2% target before agreeing to rate cuts.”         Reuters reports, “New York Federal Reserve President John Williams sees the U.S. central bank on track to cut interest rates ‘later this year,’ despite stronger-than-expected inflation and labor market data in January, according to an interview with Axios.” Williams said that his “overall view of the economy basically hasn’t changed based on one month of data,” but that the inflation rate and overall US economy is moving in the “right direction.” Reuters reports brokerage firms Goldman Sachs, UBS Global Wealth Management, and Morgan Stanley “expect the U.S. Federal Reserve to lower interest rates in June, months later than what markets were predicting earlier this year, as sticky inflation fanned concerns of cutting rates too soon.” US Inflation Rose Slightly In January, Worse Abroad Bloomberg reports domestic inflation rose in January with the Federal Reserve citing the core personal consumption expenditures price index covering food and energy costs which rose 0.4%. Inflation elsewhere in the world fared worse with Australia showing 3.5% increase for January, Japan showing 1.8% “dipping below the Bank of Japan’s 2% target for the first time since March 2022,” and 2.5% increase projected in Europe with official reports to release this week.         Consumer Resistance To High Prices Aids In Combating Inflation The AP reports that in response to enduring high prices, American consumers are altering their shopping habits, significantly contributing to the reduction of inflation. Frustrated by costs averaging 19% higher than pre-pandemic levels, shoppers are opting for store-brand items over name brands, frequenting discount stores, and reducing non-essential purchases. This shift in consumer behavior is forcing companies to slow down price increases, particularly in the food and consumer goods sectors, where price resistance is most noticeable. Source: House Speaker Set To Fast-Track Spending “Minibus” To Avoid Shutdown The Hill reports an anonymous source says House Speaker Johnson “is looking to prevent a partial government shutdown by moving a set of spending bills as a single package ahead of Friday’s deadline.” Johnson “held a private call with GOP lawmakers Friday night and told members his goal is to pass a package of the four bills due Friday, known as a ‘minibus,’ but warned the number of bills included in the package is up in the air.” Nonetheless, the Speaker added, “I don’t think anybody on this call thinks that we’re going to be able to use the appropriations process to fundamentally remake major areas of policy.”         A Washington Post analysis claims that “some Republican elder statesmen are trying to send a message to” Johnson “by urging him to make forceful decisions that will not please portions of the GOP conference.” Amid concerns “that the relatively new speaker has been too timid,” Johnson “will need to stare down far-right forces who keep threatening to oust him and instead forge the best deals possible,” and “he can call the far right’s bluff and win, or he can continue to try to placate them, weakening himself for the long haul.” Reps. Paul D. Ryan (R-WI) and Patrick T. McHenry (R-NC) have both encouraged Johnson to take more definitive stances on such issues, pointing to the increased leverage successful politicking offers. S&P 500 Gained 1.66% This Week; Nasdaq Was Up 1.4% CNBC reported that the S&P 500 “stabilized Friday after hitting another record as investors wrapped the week on a high note. The S&P 500 inched higher by 0.03% to close at 5,088.80. Earlier Friday, the broad market index broke above 5,100 for the first time.” The Dow Jones Industrial Average “added 62.42 points, or 0.16%, also reaching a fresh record and closing at an all-time high of 39,131,53,” and the Nasdaq Composite “lost 0.28% to close at 15,996.82, but had notched a fresh 52-week high earlier in the session.” CNBC adds, “All three major averages registered winning weeks. The S&P 500 advanced 1.66%, while the tech-heavy Nasdaq gained 1.4% this week. The Dow is up 1.3% for the period.” Previous Top Stories  • NMMA Participates In Utah’s Outdoor Recreation Day On The Hill  • Federal Reserve Officials Warn Against Cutting Rates Too Quickly

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