NMMA Participates In Utah's Outdoor Recreation Day On The Hill

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FEATURED INDUSTRY NEWS NMMA Participates In Utah’s Outdoor Recreation Day On The Hill Last week, NMMA attended Utah’s Outdoor Recreation Day on the Hill hosted by the Utah Department of Natural Resources and Division of Outdoor Recreation. Located in Utah’s Capitol building, a variety of outdoor recreation industries gathered to talk with Utah legislators and fellow industry leaders. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Officials Warn Against Cutting Rates Too Quickly Bloomberg reports Federal Reserve Vice Chair Philip Jefferson said Thursday that policymakers need to be wary of cutting interest rates to far, as this could undermine the goal of achieving price stability. “We always need to keep in mind the danger of easing too much in response to improvements in the inflation picture,” Jefferson said in a speech to the Peterson Institute for International Economics. “Excessive easing can lead to a stalling or reversal in progress in restoring price stability.” Speaking separately at an event in Delaware on Thursday, Philadelphia Fed President Patrick Harker said that cutting rates too earlier could undo progress made on inflation. “I believe that we may be in the position to see the rate decrease this year,” Harker said. “But I would caution anyone from looking for it right now and right away. We have time to get this right, as we must.”         The AP reports “their comments echoed the minutes from the Fed’s last meeting in January, released Wednesday. The minutes showed that most central bank officials were concerned about the risk that moving too fast to cut rates could allow inflation to rise again after it has declined significantly in the past year.” Fed Governor Christopher Waller “titled a written copy of remarks he delivered Thursday, ‘What’s the rush?’” He said, “We need to verify that the progress on inflation we saw in the last half of 2023 will continue and this means there is no rush to begin cutting interest rates.”         Reuters reports Fed Governor Lisa Cook on Thursday “said that with inflation easing and the labor market normalizing, the risks to the economy have become ‘two-sided,’ but it’s not yet time to reduce interest rates.” In remarks at Princeton, she said, “I would like to have greater confidence that inflation is converging to 2% before beginning to cut the policy rate,” adding the path to 2% “has been and could still be ‘bumpy and uneven,’” citing recent “stronger-than-expected readings on consumer price inflation.” She cautioned, “We should continue to move carefully as we receive more data, maintaining the degree of policy restriction needed to sustainably restore price stability while keeping the economy on a good path.” New Freighters Could Ease Red Sea Cargo Disruptions The New York Times reports, “After the Houthi militia started attacking container ships in the Red Sea last year, the cost of shipping goods from Asia soared by over 300 percent, prompting fears that supply chain disruptions might once again roil the global economy. The Houthis, who are backed by Iran and control northern Yemen, continue to threaten ships, forcing many to take a much longer route around Africa’s southern tip. But there are signs that the world will probably avoid a drawn-out shipping crisis.” NYTimes Columnist: January CPI Data Was “Blip,” Economy Continues To Do Well Paul Krugman writes at the New York Times that January’s “disappointing” Consumer Price Index jump is “mostly a statistical blip rather than marking a significant worsening in inflation trends.” Krugman argues that “our economy is a lot more complicated than a standardized holiday dinner menu, and estimating inflation involves a lot of fancy statistical footwork.” He goes on to detail the monthly data, concluding that “the basic narrative hasn’t changed. The U.S. economy continues to look like an amazing success story.” Powered By Nvidia, S&P 500 And Nasdaq Surge Higher CNBC reports that the S&P 500 “surged to new highs on Thursday after chip giant Nvidia reported much stronger-than-expected quarterly results, lifting the broader market and tech sector.” The S&P 500 “gained 2.11% to close at 5,087.03, notching its best day since January 2023.” The Nasdaq Composite “advanced 2.96% for its best day since February 2023, closing at 16,041.62. The tech-heavy index is within shouting distance of its all-time closing high of 16,057.44.” The Dow Jones Industrial Average “surged 456.87 points, or 1.18%, to surpass 39,000 for the first time ever and close at a new high of 39,069.11.” Previous Top Stories  • ICYMI: NMMA President Delivers State Of The Industry Presentation At The Miami Industry Breakfast  • Federal Reserve Officials Concerned Progress On Inflation Could Stall

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