Recreational Boating Industry Decries Advancement Of Vessel Speed Rule

If you are unable to see the message or images below, click here to view

Shows Certification Advocacy Statistics International Membership Customized Briefing for manoj dole March 7, 2024

FEATURED INDUSTRY NEWS Recreational Boating Industry Decries Advancement Of Vessel Speed Rule Yesterday, the NMMA expressed disappointment with the decision by the Department of Commerce to advance the North Atlantic right whale (NARW) Vessel Strike Reduction Rule to the Office of Management and Budget (OMB). Proposed by NOAA, the rule would restrict small boats to 10 knots (roughly 11 mph) along much of the Eastern Seaboard for multiple months out of the year, which will significantly hurt U.S. coastal economies and the small businesses that make up the recreational boating industry. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Chair Says Rate Cuts Likely This Year, But Fed Waiting For More Data Before Acting Bloomberg reports Federal Reserve Chair Jerome Powell “reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation.” In testimony delivered to the House Financial Services Committee Wednesday, Powell “said it will likely be appropriate to begin lower borrowing costs ‘at some point this year,’ but made clear officials are not ready yet.”         CNBC reports that during the question-and-answer session with Committee members, Powell “said he needs ‘see a little bit more data’ before moving on rates.” Powell said, “We think because of the strength in the economy and the strength in the labor market and the progress we’ve made, we can approach that step carefully and thoughtfully and with greater confidence. When we reach that confidence, the expectation is we will do so sometime this year. We can then begin dialing back that restriction on our policy.” The AP reports Powell “also suggested that the Fed faces two risks: Cutting rates too soon — which could ‘result in a reversal of progress’ in reducing inflation — or cutting them ‘too late or too little,’ which could weaken the economy and hiring.” The Wall Street Journal reports Powell “also said he saw ‘no reason to think’ that the U.S. economy faces an immediate risk of falling into a recession.”         The New York Times says Powell’s remarks “were largely in line with what markets have been expecting. Policymakers raised interest rates in 2022 and 2023 to slow growth and bring inflation under control, and they have been signaling for months that they could soon begin to lower those rates as price increases cool. Fed officials have also been clear that they do not want to begin cutting borrowing costs prematurely, and have kept their options open on timing.” Axios says, “Key data out last month showed that getting inflation back to the Fed’s 2% target might take longer than expected.”         Meanwhile, Bloomberg reports Minneapolis Fed President Neel Kashkari “said he expects the Fed to cut interest rates two times — or potentially just once — in 2024, but emphasized he hasn’t finalized his forecasts for the Fed’s upcoming meeting.”         The Washington Post, Reuters and other sources also cover the story. Fed Beige Book: US Economy Expanded At “Modest Pace” In Early 2024 Bloomberg reports the US economy “has expanded at a modest pace since earlier in the year, while consumers showed more sensitivity to rising prices, the Federal Reserve said in its Beige Book survey of regional business contacts.” The report said, “Economic activity increased slightly, on balance, since early January, with eight districts reporting slight to modest growth in activity, three others reporting no change and one district noting a slight softening.” Major Stock Indices Bounce Back From Two Days Of Losses CNBC reports that “stocks rose Wednesday, with the market turning a corner following back-to-back losing sessions on Wall Street.” The S&P 500 “added 0.51% to 5,104.76, while the Nasdaq Composite gained 0.58% to 16,031.54,” and the Dow Jones Industrial Average “traded higher by 75.86 points, or 0.2%, to close at 38,661.05.” WSJournal Praises Court Striking Down Corporate Transparency Act In an editorial, the Wall Street Journal celebrates a court striking down the 2021 Corporate Transparency Act, arguing the law designed to target shell corporations would have ensnared millions of business owners without evidence of illegal acts. Previous Top Stories  • Discover Boating Atlantic City Boat Show Continues Winter Sales Momentum  • Trade Groups Planning Ad Campaign, Lobbying Effort To Boost Support For Increasing Foreign Workforce

Subscriber Tools • Change Email Address • Contact NMMA News Editor • Unsubscribe • Email Help • Archives Advertise with NMMA Currents: Email Our Advertising Team advertise@bulletinmedia.com Click Here For Media Kit

NMMA Currents is a digest of the most important news selected from thousands of sources by the editors of Bulletin Media. The presence of such advertising does not endorse, or imply endorsement of, any products or services by the National Marine Manufacturers Association. This complimentary copy of NMMA Currents was sent to manojdole1.marinefitter@blogger.com as part of your NMMA membership. Your personal data may be used to improve content delivery within this briefing. Do not sell my personal information: if you have a do not sell my information request under the California Consumer Protection Act please go to our CCPA Privacy Notice to see how to contact us. To see how we protect our data, for any questions on data access, or your rights under the CCPA, including the right to not sell your information, please view BulletinMedia's privacy policy or CCPA Privacy Notice. Neither Bulletin Media nor the National Marine Manufacturers Association is liable for the use of or reliance on any information contained in this briefing. Send any questions or feedback about NMMA Currents to PRTeam@nmma.org. For information about other member benefits, please contact NMMA Member Service Center by sending an email to bwelsh@nmma.org. Click here to unsubscribe from Currents. National Marine Manufacturers Association | 231 S. LaSalle Street | Suite 2050 | Chicago, IL 60604 Copyright © 2024 by Bulletin Media| 1785 Greensboro Station | 8th Floor | McLean, VA 22102