Steady Crowds, Encouraging Sales Reported at Discover Boating New York And Louisville Shows

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FEATURED INDUSTRY NEWS Steady Crowds, Encouraging Sales Reported at Discover Boating New York And Louisville Shows In partnership with Progressive Insurance, the Discover Boating New York Boat Show and Discover Boating Louisville Boat, RV & Sportshow wrapped on Sunday, January 28, drawing steady crowds and intent boating and outdoors enthusiasts, with several exhibitors reporting quality traffic, new leads, and sales. The New York Boat Show attracted more than 27,000 attendees, and more than 23,000 cruised into Louisville to visit the annual sportshow. Read More Navigating Marine Law: ABYC Announces Comprehensive Agenda For Upcoming Symposium The American Boat & Yacht Council (ABYC) has unveiled the comprehensive agenda for its sixth Marine Law Symposium, scheduled to start in one month on Feb. 29, 2024. This event, available in-person in Annapolis or online, offers a hybrid participation format. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Holds Rates Steady, Not Yet Ready To Cut Rates CNBC reports that on Wednesday, the Federal Reserve “sent a tepid signal that it is done raising interest rates but made it clear that it is not ready to start cutting.” In a “substantially changed statement” at the end of this week’s two-day meeting, the Federal Open Market Committee “removed language that had indicated a willingness to keep raising interest rates until inflation had been brought under control,” but also “said there are no plans yet to cut rates with inflation still running above the central bank’s target.” The Wall Street Journal similarly says that the Fed “hinted a cut wasn’t imminent.”         The Washington Post reports the Fed’s decision “keeps the central bank’s benchmark interest rate between 5.25 and 5.5 percent. So far, officials have signaled three rate cuts this year, each of a small quarter-point. But they haven’t dictated exactly when that process will begin.” Bloomberg reports that the decision to leave rates unchanged “was unanimous.”         The New York Times reports that at his press conference afterwards, Fed Chair Powell “said that the country had ‘six good months’ of moderating inflation, but officials wanted to see continued progress before lowering rates.” Powell said, “We believe that our policy rate is likely at its peak for this tightening cycle, and that if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.” He “added that when it comes to gaining enough confidence to move borrowing costs lower, ‘we want to see more good data.’” Reuters reports Powell warned, “Inflation is still too high. Ongoing progress in bringing it down is not assured.”         Politico reports that there “are already signs that the momentum in both the labor market and consumer spending is fading, leading some White House allies and lawmakers to favor quicker Fed action. Some measures also suggest that preliminary GDP data is overstating how quickly the economy is growing.” The AP reports that despite “signs that Federal Reserve officials are in no hurry to reduce interest rates — and that the U.S. economy doesn’t need the help — Wall Street is still betting on a rate cut at the Fed’s next meeting March 19-20.”         In an editorial, the Wall Street Journal says that Powell “suggested that he had expected a weaker economy by now,” but says that one reason is “a continuing surge of government spending.” The Journal says this spending “contributes to GDP, at least in the short term,” but “much of this isn’t productive growth that will improve living standards in the long term.”         WPost Columnist: Fed Should Lower Interest Rates This Year. In her Washington Post column, Heather Long calls on the Federal Reserve to cut interest rates, arguing that there is “no rationale for rates to remain at nearly 5.5 percent.” Long explains that keeping rates high “would be akin to slamming the brakes on the economy,” adding that it would be a “mistake” not to consider a cut “at the Fed’s next meeting in March.” House Approves Bill To Restore Corporate Tax Breaks The New York Times reports that on Wednesday evening, the U.S. House of Representatives “gave broad bipartisan approval...to a $78 billion bill that would expand the child tax credit and restore a set of corporate tax breaks, a rare feat in an election year by a Congress that has labored to legislate.” The bill “passed 357 to 70, with mainstream lawmakers in both parties driving the House’s first major bipartisan bill of the year to passage. Forty-seven Republicans and 23 Democrats voted against the bill.”         The Washington Post reports that bill would “bolster certain business tax credits – including deductions for research and development, interest expenses and investments in equipment – that were limited in an effort to cap the total costs of President Donald Trump’s 2017 tax cut law.” However, in the Senate, “where Republicans can block the bill with a filibuster, the measure began losing momentum Wednesday afternoon, even as it moved toward House passage.” The AP similarly says that the “prospects for the measure becoming law are uncertain with the Senate still having to take it up.”         Reuters, CNN, Bloomberg and Roll Call also reports on the legislation. S&P 500, Nasdaq Have Their Worst Days In Months CNBC reports that stocks fell on Wednesday after Federal Reserve Chair Jerome Powell “said the central bank likely wouldn’t be ready to cut rates in March.” The S&P 500 “fell 1.61% to 4,845.65, suffering its worst performance going back to September,” and the Nasdaq Composite “lost 2.23% to finish the session at 15,164.01 and notch its worst session since October.” Previous Top Stories  • NMMA Canada Hosts Successful Industry Breakfast  • Federal Reserve Officials May Begin Signaling Future Rate Cut Plans On Wednesday

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