California Boating Congress Set For March 12-13

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FEATURED INDUSTRY NEWS California Boating Congress Set For March 12-13 California’s marine and boating industries are set to meet in Sacramento on March 12-13, 2024 to impact state legislators and regulators on issues facing marinas, boating, waterways, and recreation. The 8th annual California Boating Congress (CBC) brings together industry groups to hear from statewide leaders, policymakers, legislators, and more to gain a keen understanding on legislation and regulatory issues facing California’s growing marine, boating, and water recreation industry. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve’s Preferred Inflation Gauge Showed Strong Uptick In Prices Last Month CNBC reports that according to data released Thursday by the Department of Commerce, the Personal Consumption Expenditures price index in January rose 0.3% on a monthly basis and 2.4% on an annual basis. The core PCE, which excludes volatile food and energy expenditures “increased 0.4% for the month and 2.8% from a year ago.” In the overall PCE, Food prices “accelerated 0.5%, offset by a 1.4% slide in energy. On a year-over-year basis, food was up 1.4% while energy fell 4.9%.”         Axios says the PCE “confirms that a trend of cooler price increases that defined much of last year came to a halt last month – a warning that beating inflation might take longer than previously thought.” Bloomberg notes that the core PCE is the Federal Reserve’s “preferred gauge of underlying inflation,” and its increase helps “explain policymakers’ patient approach to start cutting interest rates.” In its reporting, the New York Times portrays the new data as a sign that inflation continues to “cool,” highlighting the drop in the core PCE’s annual reading to 2.8% in January from 2.9% in December. Still, the Times says that overall, “the data provide further evidence that while inflation continues to come down, the path back to normal could remain at least somewhat bumpy.”         Still, Reuters reports that Federal Reserve bankers “are looking through recent data showing price pressures rebounded last month, and are focusing instead on overall progress on inflation that they say will likely set the table for interest-rate cuts later this year.”         The Wall Street Journal compares and contrasts the PCE with the more highly cited CPI, released monthly by the Department of Labor. The Journal says that PCE prices “run cooler” than the CPI, and the gap in recent reports “has been especially large,” noting that while the core PCE pegged annual inflation at 2.8% in January, the core CPI had it at 3.9%.         The AP also reports. Congress Clears Stopgap Funding Legislation, Averting Partial Government Shutdown Politico reports that the Senate “approved a stopgap funding bill Thursday night for President Joe Biden’s signature, thwarting a partial government shutdown on Saturday and buying more time to finalize half a dozen spending bills that congressional leaders aim to pass next week.” Reuters reports the bill “passed the Senate in a bipartisan 77-13 vote.” The New York Times reports that earlier in the day, the measure passed the House “by a vote of 320 to 99, with Democrats providing the bulk of the votes and Republicans roughly split. Ninety-seven Republicans and two Democrats opposed the measure.”         The Wall Street Journal reports Senate Majority Leader Schumer said, “I am happy to inform the American people that there will be no government shutdown on Friday. And now, let’s finish the job of funding the government so we don’t have to do this again.” The Washington Post reports that Schumer also took at shot at the opposition, saying, “What we have done today has overcome the opposition of the MAGA hard right and gives us a formula for completing the appropriations process in a way that does not shut the government down and capitulate to extremists.”         The AP reports, “The short-term extension is the fourth in recent months, and many lawmakers expect it to be the last for the current fiscal year. House Speaker Mike Johnson said negotiators had completed six of the annual spending bills that fund federal agencies and had ‘almost final agreement on the others.’” Roll Call reports the passage “will set up a first tranche of full-year spending bills that the House is expected to vote on next Wednesday: the Agriculture, Commerce-Justice-Science, Energy-Water, Interior-Environment, Military Construction-VA and Transportation-HUD measures. Enactment of the bills will fund those agencies through Sept. 30.” Johnson “said Thursday that legislative text of that package would be released over the weekend. Text is expected to be released Sunday, which would set up a Wednesday vote in the House under the chamber’s 72-hour rule to give lawmakers sufficient time to consider the package.” While the final version of the bills are not year clear, “it appears that the bills will not feature the big conservative policy wins House Republicans were pushing for.”         The Hill reports the bill “will maintain funding for the departments of Agriculture, Interior, Transportation, Housing and Urban Development, Veterans Affairs, Energy, Justice, Commerce, Energy and other offices through March 8. Lawmakers will have until March 22 to wrap up fiscal 2024 funding for the Pentagon, the legislative branch and foreign operations, as well as the departments of Labor, Health and Human Services, Education, State and Homeland Security.” USA Today provided similar coverage. Nasdaq Hits New Closing High For The First Time Since 2021 CNBC reports that the Nasdaq Composite hit “its first closing record since November 2021. The tech-heavy Nasdaq jumped 0.9% to close at an all-time high at 16,091.92, as tech stocks and chips rallied into the close. The S&P 500 also popped to a record close, rising 0.52% at 5,096.27.” The Dow Jones Industrial Average “ticked higher by 0.12% at 38.996.39.” For the Month, the Nasdaq “led the pack with a 6.12% gain. The S&P 500 climbed 5.17%, while the Dow added 2.22% for its first four-month winning streak since May 2021.” Previous Top Stories  • NMMA Welcomed New Members In February  • Congressional Leaders Agree To Short-Term Spending Deal Through March 8

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