ABYC And USCG To Host Risk Mitigation Webinar, May 1

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FEATURED INDUSTRY NEWS ABYC And USCG To Host Risk Mitigation Webinar, May 1 The United States Coast Guard (USCG) and American Boat and Yacht Council (ABYC) recently opened registration for the next webinar in their free online USCG/ABYC Risk Mitigation Series. The sixth webinar of the semi-annual Risk Mitigation Series will be “Don’t be a Statistic: Data Saves Lives” to be held May 1 from 2-3:30 p.m. EDT. Read More LEADING ECONOMIC AND POLICY NEWS Federal Reserve Officials Signal Receptiveness To Three Rate Cuts In 2023, But Caution It’s Still Early Bloomberg reports that on Tuesday, Federal Reserve Bank of Cleveland President Loretta Mester “said she wants to see more evidence that inflation is headed lower before cutting interest rates, but noted recent figures have generally aligned with her expectation for slower progress on price growth.” Mester “said the higher-than-hoped inflation readings from the beginning of the year largely just confirmed the bumpy nature of disinflation. She said she still believes price growth will continue to cool toward the Fed’s 2% goal, just at a slower pace than last year.” Mester stated, “I need to see more data to raise my confidence. ... Some further monthly readings will give us a better sense of whether the disinflation process is stalling out or whether the start-of-the-year readings reflect a temporary detour on the downward path back to price stability.” Still, Mester also “said she still sees three rate cuts as likely appropriate this year.”         Meanwhile, in a second article, Bloomberg reports that also on Tuesday, San Francisco Fed President Mary Daly echoed those comments, saying “the three rate cuts penciled in by Fed officials last month are a reasonable expectation, though there’s no urgency to make adjustments at the moment.” Daly stated, “I think that is a very reasonable baseline. ... Growth is going strong, so there’s really no urgency to adjust the rate.” Bloomberg adds that fed officials “were in widespread agreement at their March 19-20 policy meeting that it would be appropriate to begin cutting their benchmark rate at some point in 2024, with the median participant narrowly estimating three reductions this year, according to projections published after the gathering.” Second Channel Opened For Boats To Bypass Key Bridge Collapse As Cleanup Efforts Continue The AP reports a second temporary channel was opened on Tuesday to allow “a limited amount of marine traffic to bypass the mangled wreckage of Baltimore’s collapsed Francis Scott Key Bridge.” Crews are still working to “open a third channel that will allow larger vessels to pass through the bottleneck and restore more commercial activity.” However, Maryland Gov. Wes Moore (D) “said rough weather over the past two days has made the challenging salvage effort even more daunting” and complicated efforts to retrieve bodies stuck in the wreckage.         The Hill reports that the collapse “has shuttered the port, throwing East Coast logistics into chaos.” Bloomberg says US ports were “stretching capacity limits and need to expand to handle anticipated growth in inbound shipping,” even before the collapse blocked “one of the East Coast’s most important delivery points.” Prior to the closure, containers at the nation’s 10 largest ports “were being stacked six high in some places.”         Paul Krugman writes in his New York Times column that the collapse will be less impactful on the economy now than back in 2021, “when global supply chains were under a lot of pressure.” The Baltimore port “was only the 17th busiest U.S. port, and there’s apparently enough spare capacity that most of the cargoes that would normally have passed through Baltimore can be diverted to other East Coast ports.” However, he warns that if “supply-chain disruptions were the main driver of inflation and the easing of these disruptions the main driver of disinflation,” economists should be “worried about the effects of a renewed worsening of the supply-chain situation.” Major US Stock Indices Fall For A Second Day CNBC reports that on Tuesday, the Dow Jones Industrial Average “fell for a second day, continuing Wall Street’s lackluster start to the quarter, as bond yields rose and traders lowered expectations that the Federal Reserve would cut interest rates in June. The 30-stock Dow dropped 396.61 points, or 1%, and settled at 39,170.24. At its session low, the benchmark was down more than 500 points.” The S&P 500 “slid 0.72% to settle at 5,205.81,” and the Nasdaq Composite “shed 0.95% to finish at 16,240.45.” Previous Top Stories  • ORR, Together Outdoors Co-Host Session Of Outdoor Workforce Expert Series On Entrepreneurship, April 4  • Maryland Governor Says Crews Have Opened Temporary Channel To Resume Traffic At Port Of Baltimore

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