Discover Boating Miami International Boat Show Opens Today

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Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole February 14, 2024

FEATURED INDUSTRY NEWS Discover Boating Miami International Boat Show Opens Today The Discover Boating® Miami International Boat Show® – the world’s premier boating event – kicks off today and runs through Sunday. Showcasing thousands of the newest and best in boats and marine innovations from leading manufacturers and brands, the annual Miami Boat Show is expected to draw tens of thousands of boating enthusiasts from around the world. Read More LEADING ECONOMIC AND POLICY NEWS Inflation Proved Persistent In January’s CPI Report Reuters reports that consumer prices “rose more than expected in January amid a surge in the cost of rental housing, but the pick-up in inflation did not change expectations the Federal Reserve will start cutting interest rates in the first half of this year.” The AP reports that according to Labor Department data released on Tuesday, the Consumer Price Index was up 3.1% in January from a year earlier, a deceleration from December’s 3.4% figure. However, the core CPI, which excludes volatile food and energy prices, was unchanged at 3.9%. On a month-to-month basis, the CPI was up 0.3% over December, while the core CPI was up 0.4%.         The New York Times says inflation “showed worrying staying power after volatile food and fuel costs were stripped out – a reminder that bringing price increases under control remains a fraught, bumpy process.” Bloomberg says the new numbers “further reduced already-slim chances that Fed officials will start lowering interest rates soon, and any additional reacceleration risks reigniting talks that they will resume hikes.” The Wall Street Journal similarly says the persistence in inflation is “clouding the Federal Reserve’s path to rate cuts and potentially giving the central bank breathing space to wait until the middle of the year.”         CNBC reports, “Even with the rise in prices, inflation-adjusted hourly earnings increased 0.3% for the month. However, adjusted for the decline in the average workweek, real weekly earnings fell 0.3%. Real average hourly earnings rose 1.4% from a year ago.”         The Washington Post, Politico and other sources also cover the story.         In an editorial, the Wall Street Journal says the “news that inflation is proving sticky won’t surprise most Americans.” The Journal adds that while Fed Chair Jerome Powell “might pull off a soft economic landing, the last disinflationary mile was always going to be the hardest.” Analysis Finds Biden-Backed Factory Boom Favoring Poorer US Counties Reuters reports an analysis by the Brookings Institution and the Massachusetts Institute of Technology found that a factory building surge fueled by the Biden Administration’s Inflation Reduction Act has “flowed disproportionately to U.S. counties with relatively distressed economies and notably has not tracked ‘Democratic geography.’” The strategy has “gained support from a wide swath of the political spectrum, including Republicans, many of them from regions that are now benefiting from the latest push to bolster key businesses.” Reuters adds that the data “underscores how the embrace of a more muscular industrial policy under Democratic President Joe Biden could spread investments into regions left behind by decades of offshoring.”         Meanwhile, the New York Times says that the “world has shifted away from decades of emphasizing private competition and has plunged into a new era of competitive industrial policy.” The Times goes on to detail how the IRA has pushed international companies to pause developments overseas in favor of opening factories in the US. Dow Had Worst Day Since March 2023 Following Inflation Report CNBC reports, “Stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year.” The Dow Jones Industrial Average had fallen “524.63 points, or 1.35%, to close at 38,272.75 in its worst session since March 2023 on a percentage basis,” and “the S&P 500 slid 1.37% to close at 4,953.17, while the Nasdaq Composite fell 1.8% to settle at 15,655.60.”         The Wall Street Journal reports that while the Dow, Nasdaq and S&P all fell for the day, they remain up on the year. Previous Top Stories  • NMMA Joins Oregon Families For Boating For Second Annual Advocacy Day  • Fed Survey Finds Increased Optimism About Credit Access Among Consumers, Though Inflation Concerns Remain

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