Join The NMMA Team April 23 For A Webinar On What To Expect At This Year's American Boating Congress
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FEATURED INDUSTRY NEWSJoin The NMMA Team April 23 For A Webinar On What To Expect At This Year’s American Boating CongressWe are just weeks away from the 2024 American Boating Congress (ABC) May 8-10, the industry’s annual advocacy event. Ahead of the conference in Washington, D.C., the NMMA team is hosting a webinar on Tuesday, April 23, at 2:00 p.m. ET. Read More LEADING ECONOMIC AND POLICY NEWSDemocrats Propose Bill To Ensure Federal Government Will Fully Fund Repair Of Key BridgeThe AP reports Maryland lawmakers on Tuesday announced plans to “introduce a bill that will make clear the federal government will fully cover the cost of rebuilding Baltimore’s collapsed Francis Scott Key Bridge.” Transportation Secretary Buttigieg also said that “whatever insurance litigation and other related processes play out, we are not going to wait for them to play out to make sure these dollars are getting to where they need to be.” However, it is “unclear how much money will be required to replace the bridge,” with some experts estimating “recovery will take at least 18 months and cost $400 million.” The Hill reports Sen. Ben Cardin (D-MD) was joined by Gov. Wes Moore (D) and Buttigieg to announce the legislation, and said “he is ‘optimistic’ for bipartisan support in the effort after some Republicans came out against funding.” Meanwhile, Bloomberg reports that the Baltimore Port’s closure “has choked exports of the fossil fuel, with flows expected to plunge 35% this month” and up to “6.3% for the year.” Atlanta Federal Reserve President Expects One Rate Cut This Year, But Is Open To Change As Conditions DevelopBloomberg reports Atlanta Fed President Raphael Bostic “reiterated his expectation for one interest-rate cut this year, but added he’s open to changing his view to later or additional rate reductions should the economic picture change.” In an interview with Yahoo Finance Live, Bostic “highlighted the enduring strength of the US economy and labor market,” but “said signs of weakness in the jobs market would prompt him to consider earlier and more cuts than he is currently expecting.” Meanwhile, the New York Times reports investors “were betting big on Federal Reserve rate cuts at the start of 2024, wagering that central bankers would lower interest rates to around 4 percent by the end of the year. But after months of stubborn inflation and strong economic growth, the outlook is starting to look much less dramatic.” The Times says that “market pricing now suggests that rates will end the year in the neighborhood of 4.75 percent,” indicating two or three cuts this year. Small Business Confidence Dropped To Lowest Level In 11 Years Last MonthReuters reports the National Federation of Independent Business said Tuesday that its Small Business Optimism Index “fell 0.9 points to 88.5 last month, the lowest level since December 2012. It was the 27th straight month the index was below the 50-year average of 98.” NYTimes Columnist: US Economic Recovery “Close To Optimal”Paul Krugman writes at the New York Times that the US economy “has been far more successful at recovering from the Covid shock than it was in dealing with the aftermath of the housing bubble of the 2000s,” and the inflation wave “seems to have broken.” Krugman argues that US policy was “fairly close to optimal,” and goes on to detail US economic data. He concludes, “the larger point is that in macroeconomics as in life, it’s important to be good, but also very important to be lucky. And we got lucky this time.” Major Stock Indices Mostly Flat As Investors Await Inflation DataCNBC reports that the Dow Jones Industrial Average “closed just below the flatline Tuesday as investors struggled to regain some positive momentum ahead of the release of key U.S. inflation data. The 30-stock index slipped 9.13 points, or 0.02%, at 38,883.67. At its session low, the Dow was down 320.71 points, or 0.82%.” The S&P 500 “notched a gain of 0.14% to end at 5,209.91, while the Nasdaq Composite added 0.32% and closed at 16,306.64.” Previous Top Stories | |||||||||||
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